Spot Bitcoin exchange-traded funds have seen significant inflows after seeing significant selling pressure over the last two months.
According to data from SoSo Value, spot Bitcoin ETFs have seen a daily total net inflows of over $50 million as of August 1, with a cumulative total net inflows that now stands at $17.74 billion.
The data on spot Bitcoin ETFs also shows these funds have over $58 billion in total net assets with BlackRock’s IBIT taking the lead with $21.7 billion in assets and a cumulative net inflows of over $20 billion.
It’s followed by Grayscale’s GBTC, which holds $15.2 billion in net assets and by Fidelity’s FBTC, which has $11.3 billion in net assets. According to data shared by Ecoinmetrics on the microblogging platform X (formerly known as Twitter), around 5.2% of the cryptocurrency’s supply is now held by ETFs and “ETF-like products,” while publicly traded companies hold another 1.6% and private firms hold 2%.
In total, as Ecoinmetrics noted, institutions control nearly 9% of the cryptocurrency’s supply.
As CryptoGlobe reported, the amount of Bitcoin on exchanges has been seeing an increase in outflows “despite the fact that Bitcoin has entered into a fluctuation area since February.”
According to analysis published by on-chain analytics firm CryptoQuant, there has been a steady rise in Bitcoin outflows from exchanges in recent weeks, in a trend that is typically seen as bullish. A smaller supply of BTC exchanges means that the cryptocurrency’s price could rise if demand is maintained or grows.
The exchange outflows come at a time in which the US national debt has surpassed the $35 trillion milestone. The milestone came before Bitcoin faced a rejection as it attempted to breach the $70,000 mark, and ended up correcting to now trade at $64,500.
Featured image via Unsplash.
