The Bitcoin (BTC) Exchange-Traded Fund (ETF) market appears to be waking up from slumber as all products recorded $143.1 million in new money on Friday. This recovery is a notable feat for the spot BTC ETF market as it is the highest figure recorded in the past two weeks. An Uptick in Bitcoin ETFs Friday DataFarside Investors’ data shows Fidelity’s FBTC leading Friday’s net inflows with $117.4 million. Bitwise’s BITB came in second with $30.2 million in net inflows, while VanEck’s HODL followed behind with $12.8 million. Ark Invest’s Bitcoin ETF (ARKB) clinched fourth position with $11.3 million of net new money. On the other hand, Grayscale Investment’s GBTC continues to lose money as it recorded outflows of $28.6 million. Meanwhile, issuers including BlackRock, Invesco Galaxy, Franklin Templeton, Valkyrie, and Wisdom Tree, saw zero net inflows in their spot BTC ETFs.There is no doubt the $143.1 million spot Bitcoin ETF inflows are huge; however, they fall below past records. As previously mentioned in our report in June, Bitcoin spot ETFs amassed inflows of $1 billion. The ripple effect was increased demand for cryptocurrencies like Bitcoin Cash (BCH) and Rollblock (RBLK). However, it can be noted that Bitcoin was trading at a higher value when the ETF net inflow surge occurred.In addition, spot Bitcoin ETFs recorded a new milestone as they outperformed their gold counterparts in early June. As noted in our earlier post, Ripple Labs Inc.’s CEO, Brad Garlinghouse stated that spot Bitcoin ETFs have experienced a higher upward movement when compared to Gold ETFs. In his analysis, Garlinghouse highlighted that it took SPDR Gold Shares ETF three years to accumulate $10 billion worth of assets after its debut in 2004. However, for spot Bitcoin ETFs, BlackRock’s IBIT doubled the amount in just five months since going live. Bitcoin’s Current Price MovementAs of this writing, BTC has seen a 0.6% decline in the last 24 hours. It is now priced at $57,109. Per data from MarketCap, the trading volume has surged by 35.8% to $28 billion, with market capitalization still pegged at $1.1 trillion. Bitcoin’s 24-hour price action represents a slight recovery after falling from almost $61,000 on Wednesday to under $54,000 on Friday. Within the past week, BTC declined by 8.9% and over 23% from its mid-March All-Time High of $73,500. The primary factor that contributed to this price decline was concerns about a massive surge in supply in the market. In a recent update we covered, trustees of the defunct Mt.Gox exchange announced intentions to return 137,890 BTC to its creditors. This disclosure raised concerns about a potential sell-off that could drive down the value of Bitcoin if supply eventually outpaces demand.Another event that added to the supply surge concern from Mt.Gox was the latest BTC movement from the German government. As noted in our earlier post, the government transferred 282.74 BTC to the Bitstamp exchange. Indeed, this event has added fuel to the fire that supply could outpace demand if other measures are not taken to prevent this. More By This Author:Cardano Advances Blockchain Innovation with CIP25 Metadata Validation, Boosting NFTs and AMMsBitcoin Miner TeraWulf Is Open To Merger To Widen Profit MarginBitcoin Drops To $57,000 Amid Shocking Market Downfall
