-
Spot
bitcoin
ETFs
saw
net
inflows
of
$790
million
even
as
the
price
of
bitcoin
tumbled
7%
in
June. -
Previously,
the
funds
experienced
heavy
outflows
when
the
underlying
cryptocurrency
declined
sharply,
for
example
in
April.
The
idea
that
the
rapid
growth
in
assets
for
the
spot
bitcoin
ETFs
was
a
result
of
the
herd
chasing
“number
go
up”
price
action
received
a
setback
in
June.
Data
from
Bloomberg
Intelligence
shows
the
spot
funds
saw
net
inflows
of
$790
million
even
as
the
price
of
bitcoin
(BTC)
tumbled
7%.
Leading
the
way
was
what’s
now
the
largest
of
the
spot
ETFs,
BlackRock’s
iShares
Bitcoin
Trust
(IBIT),
where
inflows
topped
$1
billion,
offsetting
by
itself
what
continue
to
be
sizable
outflows
from
the
high-fee
Grayscale
Bitcoin
Trust
(GBTC).
The
action
stands
in
contrast
to
that
of
April,
when
the
spot
funds
as
a
group
saw
large
outflows
as
bitcoin’s
price
declined
15%
that
month.
“Boomers
are
much
better
holders
than
some
make
them
out
to
be,”
wrote
Bloomberg
Intelligence
senior
ETF
analyst
Eric
Balchunas,
possibly
taking
aim
at
well-followed
analyst
James
Bianco,
who
has
continually
tried
to
make
the
case
that
it’s
weak-handed
hot
money
that’s
been
behind
the
massive
asset
gathering
of
the
spot
ETFs.
Part
of
the
positive
inflow
streak
in
June
could
also
come
from
enthusiasm
tied
to
the
possibility
of
a
spot
ether
ETF,
which
regulators
and
potential
issuers
have
visibly
been
working
on
getting
approved.
While
the
arrival
of
a
rival
spot
crypto
ETF
could
pull
money
from
the
bitcoin
funds,
it
might
also
be
a
positive
in
that
it
signals
regulators
are
finally
embracing
the
industry
as
part
of
the
financial
system.
Ether
ETF
issuers
have
been
asked
to
re-submit
an
important
filing
before
July
8,
according
to
reports,
which
spurred
hopes
that
the
ETFs
will
likely
hit
the
market
this
month.