Bitcoin ETF Inflow Streak Ends Amid High Odds Of Kamala Harris At Bitcoin Conference
Highlights
- On Tuesday, July 12, US spot Bitcoin ETFs recorded net outflows of $78 million.
- While BlackRock's IBIT still managed to see inflows of $71.9 million, this was a significant drop from the previous day's $526 million.
- The market is reacting negatively to the chances of VP Kamala Harris attending the Bitcoin Conference.
On Tuesday, July 12, spot Bitcoin ETFs in the United States recorded net negative outflows after 12 consecutive days of inflows. Notably, these outflows coincided with the launch of spot Ethereum ETFs in the US.
Bitcoin ETFs See Net Outflows
After 12 days of net inflows, the US BTC ETFs saw total outflows of $78 million on Tuesday as the going party comes to an end. Except for BlackRock’s IBIT, all other ETFs have either registered zero inflows or net outflows. IBIT’s total inflows on Tuesday stood at $71.9 million, a sharp drop from $526 million on the previous day.
Fidelity’s FBTC led with the highest outflows of more than $70 million on Tuesday. As per data from Farside Investors, Ark Invest’s ARKB also registered $50 million in net outflows while Grayscale’s GBTC saw $27 million in net outflows. The rest of the ETFs saw zero inflows yesterday.
Spot Bitcoin ETFs have been in the limelight recently as they have managed to make the most of the Bitcoin dip opportunity in early July. While the Mt. Gox distribution and German government sell-off brought selling pressure to BTC, the ETFs have managed to deliver robust performance.
Some market analysts believe that yesterday’s outflows into Bitcoin ETFs came as the money flowed partially into the spot Ethereum ETFs registering a $107 million inflow on debut.
Also Read: Spot Ether ETF Hits $1.1B Volume, BTC Dominance Under Threat?
Kamala Harris to Attend Bitcoin Conference
Recent reports in the town suggest that US Vice President Kamala Harris will be attending the upcoming Bitcoin Conference scheduled ahead of this week. David Bailey, the organizer of the event wrote: “We’re in talks with Kamala Harris campaign for her to speak at the conference. Would be very savvy of her to reset the democrat positioning on the fastest growing voter block in the country. They’re making up their minds today”.
As we know, former US President Donald Trump is already attending the event amid his strong push for Bitcoin and the overall crypto industry. Trump has also spoken in favor of the Bitcoin mining industry and vowed to produce all the rest of the BTCs in the USA.
Also Read: Bitcoin Conference 2024: Full Agenda & Key Highlights Of Nashville Event
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