• Bitcoin (BTC) ETFs saw positive inflows in June despite a 7% drop in prices
• BlackRock’s iShares Bitcoin Trust continued to lead as the largest of the funds
• Investors held onto Bitcoin ETFs even as the price of Bitcoin slipped
BlackRock’s iShares Bitcoin Trust continued to lead as the largest of the funds. Investors added money to Bitcoin ETFs even as prices slipped 7% in June.
Spot bitcoin ETFs, which track the cryptocurrency itself rather than bitcoin futures, brought in $7 million in net inflows last month. That’s down from $15 million in May but still marks the third straight month of inflows.
Bitcoin ETF Inflows
The iShares Bitcoin Trust (BITO) saw $6.1 million of net inflows in June, bringing its assets under management to $1.3 billion. It’s by far the largest of the spot bitcoin ETFs.
The Valkyrie Bitcoin Strategy ETF (BTF) posted $1.2 million of net inflows last month, while the VanEck Bitcoin Strategy ETF (XBTF) had $400,000 of outflows.
Bitcoin Performance
Bitcoin prices slipped about 7% in June, ending the month around $19,200 after touching $17,600 at one point. The cryptocurrency remains down about 60% from its November peak of near $69,000.
Like the rest of the market, Bitcoin has struggled this year amid high inflation and tightening monetary policy from central banks like the Federal Reserve. Risky assets like cryptocurrencies have fallen out of favor.
Still, Bitcoin has fared better than the broader crypto market. The total market cap for cryptocurrencies has fallen from nearly $3 trillion to below $1 trillion over the last seven months, based on CoinMarketCap data.
Conclusion
While prices have slumped, investors continue to add money to Bitcoin ETFs, suggesting an ongoing appetite for crypto exposure in portfolios despite recent volatility. BlackRock‘s BITO remains the most popular spot bitcoin ETF.
