US Spot Bitcoin ETFs Recorded the Biggest Day of Inflows in Over a Month Amid the Broader Crypto Market Struggles

The eleven US Spot Bitcoin ETFs garnered $295 million in inflow on July 8, marking the first day of positive net flow across all funds in three trading weeks.

US Spot Bitcoin ETFs recorded their highest inflows in over a month on Friday, as investors flocked to the battered cryptocurrency amid a broader market downtrend.

According to Farside Investment report, eleven US Spot Bitcoin ETFs recorded a net inflow of $295 million on July 8, marking the first day of positive net flow across all funds in three trading weeks.

The inflows come as Bitcoin prices slipped from the $60,000 psychological level, dropping to a low of $53,600 on July 5.

The bearish market outlook stemmed from fears of sell pressure from Mt. Gox repayments. Moreover, the German government's sales of over 26,200 BTC added to the bearish sentiment as it exerted selling pressure on Bitcoin.

However, on July 3, only Fidelity's FBTC recorded an inflow of $6.5 million. The rest saw zero inflows, except Grayscale's GBTC, which saw $27 million in outflow.

On July 4, none of the 11 spot BTC ETFs recorded an inflow. Surprisingly, Grayscale's Bitcoin Trust also saw no outflow.

However, on July 5, the trend reversed towards the positive side, with a net inflow of $143.1 million, while GBTC recorded $28.6 million in the outflow.

The recent inflows also follow a broader trend of increasing digital asset investments, with investors seeking to diversify their portfolios by taking advantage of lower prices.

A CoinShares report revealed $441 million in digital asset inflows on July 8, of which $398 million went into Bitcoin-related products.

The United States recorded the most inflows at $384 million, while Hong Kong followed with $32 million. Switzerland came third with $24 million in inflows, and Canada got $12 million. Conversely, Germany recorded $23 million in outflows due to its recent Bitcoin sales.

The CoinShares report also reveals that some investors are moving to altcoins as Bitcoin struggles. Amid this trend, Solana recorded $16 million in inflows within the past week, while Ethereum garnered $10 million.

Solana's inflows surged after investment firm Multicoin Capital pledged to double every SOL token contributed to the Sentinel Action Fund (SAF).

Launched in 2022, SAF is a political fund that supports conservative candidates to ensure crypto can thrive in America. The fund accepts donations in several cryptocurrencies, including Solana, which is part of Multicoin’s portfolio.

Of note, $10.2 million from the SAF funds served to oppose five Democrats, while about $3 million helped support 11 Republicans in the US.

According to an Integrated Partner at Multicoin Capital Kyle (2/ Senator Hagerty is a champion of crypto innovation, and here's what he says about Jessica and Sentinel's work: “We can’t win without GOTV efforts, and Sentinel Action Fund is literally laying the groundwork for a pro-crypto Senate — they are on the ground in swing states to…

— Integrated Kyle e/acc (@KyleSamani) July 5, 2024

Multicoin will match all Solana donations from $1 to $1 million made for this cause within ten days from July 5.

The Sentinel Fund contributed to inflows for Solana, which outpaced Ethereum and other altcoins. Our Editorial Process

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