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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.
Spot Bitcoin ETFs Record $1 Billion In The Past Week
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.
Bitcoin Price Falls Below $101,000 Level
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.
Featured image from iStock, chart from TradingView
Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies.
Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part – in fact, far from it.
Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.
When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix.
Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books – ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K.
Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that.
Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings.
Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time – he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better.
Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon – cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment – spreading the crypto gospel to the rest of the world.
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