Bitcoin ETFs log $420 million inflows as Bitcoin taps $66,000

US spot Bitcoin exchange-traded funds (ETFs) captured over $420 million in net inflows on Tuesday, according to data from SoSoValue. The extended streak came during a Bitcoin rebound with the price rising back above $66,000, TradingView’s data shows.

Investors poured $260 million into BlackRock’s IBIT on Tuesday, bringing the ETF to the top spot of the day. IBIT remains the largest spot Bitcoin ETF with over $20 billion in assets under management (AUM) as of July 16.

Fidelity’s FBTC saw $61 million in inflows while ARK Invest’s ARKB reported nearly $30 million. Other gains were also seen in Bitwise’s BITB, VanEck’s HODL, Invesco’s BTCO, Franklin Templeton’s EZBC, and Valkyrie’s BRRR.

The rest, including Grayscale’s GBTC, WisdomTree’s BTCW, and Hashdex’s DEFI, reported zero flows.

US Bitcoin ETFs started the week on a high note with $301 million capital flowing into the funds on Monday. With Tuesday’s gain, these ETFs have experienced sustained inflows for eight consecutive trading days.

According to Bloomberg ETF analyst Eric Balchunas, US Bitcoin ETFs have demonstrated robust growth over the past six months, surpassing experts’ expectations despite occasional setbacks.

These ETFs ended their previous 19-day inflow streak earlier last month and extended their loss to the end of the month. However, Balchunas said the funds took “one step back” to take “two steps forward.” Recent gains have boosted the year-to-date net total of Bitcoin ETF investments to $16 billion.

The resurgence likely addresses some speculation surrounding actual institutional demand for spot Bitcoin ETFs. ETF expert Nate Geraci said that growing participation in the ETF is driven not just by retail investors, but also by financial advisors and institutions.

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Bitcoin’s price has moved in the same direction as strong Bitcoin ETF performance in recent days. The rally also shakes off recent fears of Mt. Gox repayments.

Data from TradingView shows that Bitcoin briefly surpassed $66,000 on Tuesday after dropping below $64,000 on Mt. Gox’s Bitcoin moves. At the time of reporting, Bitcoin is trading at around $65,800, up 13.5% in a week.