Bullish sentiment has returned to the crypto market as investors have started to show more interest. In fact, the spot Bitcoin ETF market has also been witnessing positive inflows in the last few days. ETF traders have turned bullish on BTC, giving a strong push to the overall market.
According to the latest data from SoSo Value, spot Bitcoin ETFs secured a whopping $423 million in inflows on July 16. While this is a massive amount of inflows, the most important part is that the market has been seeing positive inflows for eight consecutive days.
The cumulative total net inflow currently stands at $16.53 billion. This shows the rapid growth of Bitcoin ETFs since their launch in January. Additionally, the total net assets of these ETFs are worth around $58.46 billion. This constitutes almost 4.58% of the total BTC market cap, showing the growing dominance of spot ETFs on the market.
Further breakdown of the market data reveals that BlackRock’s IBIT witnessed a single-day inflow of $260 million, while Fidelity’s FBTC secured a single-day inflow of $61 million. Most of the other funds also had positive inflows during this time. However, BlackRock’s Bitcoin ETF is clearly dominating the market.
What does it mean for Bitcoin price?
Positive inflows for spot Bitcoin ETFs has always had a positive impact on the BTC price. As of writing this story, BTC is trading at $65,295 after a notable surge of 3.4% over the last day. Moreover, the coin has surged 11.51% over the last week.
This weekly surge is parallel to the positive inflows seen in Bitcoin ETFs during the last eight days. This means that rising institutional investment has remained a bullish signal for the Bitcoin price. Overall, market sentiment has become optimistic for BTC, and it may eye further gains in the coming days.
