Investors Added Money to Bitcoin ETFs Even as Bitcoin Slipped 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 bitcointumbled 7%. Leading the way was what's now the largest of the spot ETFs, BlackRock's iShares Bitcoin Trust , where inflows topped $1 billion, offsetting by itself what continue to be sizable outflows from the high-fee Grayscale Bitcoin Trust .

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.

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.in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence.

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