US Spot Bitcoin ETFs Hit $16 Billion in Lifetime Inflows After Buying the Dip

Bitcoin is rallying after spot Bitcoin exchange-traded funds (ETFs) recorded a record high of inflows. Over US$1B (AU$1.48) in net inflows were poured in the last seven days, with the year-to-date net total reaching US$16B (AU$23.78B) for the first time.

According to data from SoSo Value, the cumulative net inflows for spot Bitcoin ETFs have soared to US$16.27B (AU$24.14B), with the total value traded at US$737.15M (AU$1.01B).

According to Farside data, BlackRock’s iShares Bitcoin Trust (IBIT) and ARK Invest’s ARKB received most of the money, both registering over US$117M (AU$173M) in net inflows. Meanwhile, Fidelity’s FBTC saw US$36.1M (AU$53.6M), while Bitwise’s BITB registered US$15.2M (AU$22.6M). This marks the seventh consecutive day for Bitcoin ETF inflows.

A Sigh of Relief

The price surge in Bitcoin can be seen as a relief for the crypto community, especially after the asset’s bullish rally was heavily thwarted by the downward pressure generated by the US and German governments (and Mt. Gox repaying investors).

Nevertheless, market sentiment seems to be shifting back as Bitcoin increased 13.8% in the last seven days, currently trading at US$65,648.86 (AU$97,439.89). The Crypto Fear and Greed Index is currently at 69.

Related: Survey Shows Majority Still Expects New Crypto High, 20% Believe in Supercycle.

The surge in net inflows comes as industry experts believe the Securities and Exchange Commission (SEC) could approve the first batch of spot Ethereum ETFs by July 23, the day the SEC has asked applicants to hand in final S-1 forms, including the fees they would charge.

As the potential approval of Ethereum ETFs might be next door, the price of ETH has been booming. Data from CoinMarketCap shows ETH has soared to US$3,483 (AU$5,169), a 13.53% increase in the last seven days.