The crypto market is down, and leading cryptocurrencies, especially Bitcoin, are struggling to recover from the losses encountered during recent dumps.
However, spot Bitcoin Exchange Traded Funds (ETFs) have remained unmoved as they have achieved consecutive inflows for the 8th day, according to data from SosoValue.
While investors appear to have relented on accumulating Bitcoin, they are aggressively betting big on U.S. spot Bitcoin (BTC) exchange-traded funds (ETFs), as nearly $390 million in total net inflow was recorded on June 18.
According to data provided by the source, this marks the 8th consecutive day of Bitcoin ETF inflows, signaling strength among institutional investors despite market troubles.
Over the last day, spot Bitcoin ETFs achieved a total of $389.57 million in new capital flows, bringing the latest streak of inflows to a total of $2.4 billion.
The positive inflow streak achieved by Bitcoin ETFs over the last few days reflects unwavering confidence among institutional investors despite the recent crypto market bloodbath.
Although Bitcoin has slowly begun to regain its momentum after falling as low as $103,695 on June 18, the leading cryptocurrency now holds steady above $104,000.
Bitcoin has shown resilience with a slight price surge of 0.31% over the last day, trading steadily at $104,348 as of press time.
This impressive inflow streak has seen BlackRock’s iShares Bitcoin Trust (IBIT) take the lead once again. The leading investment fund achieved the largest net inflow for the day, recording a massive $278.93 million in fresh capital.
As such, IBIT has seen its cumulative net inflow surge to a massive $50.95 billion while achieving $71.06 billion in net assets as of June 18.
Furthermore, Fidelity’s FBTC achieved the second-largest net inflow for the day with $104.38 million. This brings the fund’s cumulative net inflow as of June 18 to $11.5 billion and $20.49 billion in total net assets.
Coming in third and fourth are Bitwise’s Bitcoin ETF (BITB) and Grayscale Bitcoin Mini Trust, recording $11.32 million and $10.12 million in daily net inflows, respectively.
