The spot Bitcoin ETFs (exchange-traded funds) have been in good form over the past few weeks, receiving renewed interest from investors in the United States. This recent spurt of momentum has been a rare bright spark in the crypto market, which has been overwhelmed with investor uncertainty lately.
Interestingly, the typically straight line between the spot Bitcoin ETFs’ performance and the BTC price action has not been particularly straight in the past few weeks. While the crypto-linked financial products have shone in the past few days, the underlying premier cryptocurrency has seen better days.
According to the latest market data, the US-based spot Bitcoin ETF market recorded a total net inflow of $6.37 million on Friday, June 20. This performance marked the ninth successive day of positive capital influx for the crypto investment products, signaling increased investor interest and demand.
SoSoValue data shows that BlackRock’s iShares Bitcoin Trust (with the ticker IBIT) was the only BTC exchange-traded fund with net inflow on Friday. The trillion-dollar asset manager’s fund added a remarkable $46.91 million in value to close the week, as it continues to lead the pack in net assets.
Fidelity Wise Origin Bitcoin Fund (FBTC) was the only other Bitcoin ETF that recorded any activity on Friday. According to market data, the second-largest spot BTC exchange-traded fund by net assets posted a daily net outflow of $40.55 million on the day.
Nonetheless, the $6.37 million single-day performance pushed the US-based Bitcoin ETFs’ weekly record above the $1 billion mark. While this figure falls short of the exchange-traded funds’ performance ($1.39 billion) in the previous week, it still represents a trend in the right direction after enduring two weeks of nearly $300 million in outflows.
Despite the positive performances of the US-based Bitcoin ETFs, BTC’s price has continued to struggle to build any sustained bullish momentum over the past two weeks. The flagship cryptocurrency seemed set for another trip to a new all-time-high price earlier this week before succumbing to some bearish pressure mid-week.
In the late hours of Saturday, the price of BTC fell to below the $101,500 level as another wave of downward pressure hit the crypto market. As of this writing, the market leader is valued at around $101,484, reflecting an almost 2% price decline in the past 24 hours.
According to data from CoinGecko, the price of Bitcoin is down by nearly 4% in the past seven days.
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