Bitcoin ETFs See Inflows for Second Consecutive Day as BTC Holds Steady at $60K
Spot Bitcoin exchange-traded funds (ETFs) in the United States have experienced positive net inflows for the second consecutive day.
On Wednesday, spot Bitcoin ETFs reported $21.52 million in net inflows, following a positive streak that began on Tuesday.
According to data from SoSoValue, the largest net inflows of the day came from Fidelity’s FBTC, which attracted $19 million.
Grayscale’s GBTC also saw net inflows of $4 million, marking its first positive flow since June 5. Additionally, VanEck recorded $3 million worth of inflows on Wednesday.
However, not all funds experienced positive flows.
Ark Invest and 21Shares’ ARKB were the only ones to record net outflows, totaling $5 million. Other funds, including BlackRock, Bitwise, and Valkyrie, saw no net flows during this period.
Since their debut in January, spot Bitcoin ETFs have amassed a cumulative total of $14.44 billion in net inflows, highlighting the growing popularity of these investment vehicles.
Meanwhile, the price of Bitcoin, which reached as low as $59,021.42 on Monday for the first time since May 3, managed to hold key level above the $60,000 mark.
At the time of writing, BTC is trading at $60,633, down by 1.5% over the past day. Over the past week, the leading cryptocurrency has fallen by nearly 11%.
Last week, CryptoQuant suggested that Bitcoin’s lack of bullish momentum could cause it to slide back to the $60,000 level after breaking below the key support of $65,800.
The on-chain data indicated that traders have been reducing their holdings since Bitcoin touched $70,000 in late May and have not yet resumed buying.
#Bitcoin is trading below the critical support level of $65.8K, now below $64K.
Falling under this threshold suggests a potential 8%-12% correction
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