CDS Crypto News Bitcoin ETFs See 8th Consecutive Day of Inflows, BlackRock’s IBIT Leads with $260M

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Bitcoin ETFs See 8th Consecutive Day of Inflows, BlackRock’s IBIT Leads with $260M

Ecem EFE17/07/20241 Mins read320

Bitcoin Etfs See 8Th Consecutive Day Of Inflows, Blackrock'S Ibit Leads With $260M

Bitcoin ETFs Record 8th Day of Inflows, BlackRock’s IBIT Reaches $260M

Bitcoin ETFs- BlackRock’s iShares Bitcoin Trust garnered $260 million from Bitcoin investors on July 16, contributing more than half of all net inflows into spot Bitcoin ETFs on that day. This marks the eighth consecutive day of positive net inflows for United States spot Bitcoin ETFs, totaling $422.5 million and representing the best-performing day since June 5, according to data from Farside Investors.

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Top Performers in Bitcoin ETFs

The Fidelity Wise Origin Bitcoin Fund recorded the second-highest inflows among US spot Bitcoin ETF issuers with $61.1 million, followed by the ARK 21Shares Bitcoin ETF in third place with $29.8 million. The VanEck Bitcoin ETF and Invesco Galaxy Bitcoin ETF also saw inflows exceeding $20 million. In contrast, the spot Bitcoin ETFs issued by Grayscale, Hashdex, and WisdomTree did not register any inflows.

BlackRock’s Growing Bitcoin Holdings

BlackRock’s Bitcoin holdings are now valued back above $20 billion following its latest purchase of 4,004 Bitcoins and Bitcoin’s 3% price rise since trading hours closed on Monday. The fund first exceeded $20 billion in assets under management in late May when Bitcoin was approaching $70,000, making it the world’s largest Bitcoin ETF.

Industry Reactions

Nate Geraci, president of The ETF Store, praised BlackRock’s newly recovered milestone while dismissing the notion that only “degen retail” investors would buy Bitcoin products. This comes two days after BlackRock’s CEO Larry Fink referred to Bitcoin as a “legitimate” financial instrument that can protect against currency debasement.

Bitcoin Price Recovery

Bitcoin is currently priced at $65,470, up 13.1% over the last week after it fell to a near five-month low of $53,600 on July 5. The price drop was largely driven by concerns over the German government selling nearly 50,000 Bitcoins and news that Mt. Gox is finally preparing to repay over $9 billion to creditors.

FAQ on BlackRock’s iShares Bitcoin Trust and Bitcoin ETF Inflows

What is BlackRock’s iShares Bitcoin Trust?

BlackRock’s iShares Bitcoin Trust is a spot Bitcoin exchange-traded fund (ETF) managed by BlackRock, a leading global asset manager. The trust allows investors to gain exposure to Bitcoin without directly purchasing the cryptocurrency.

How much did BlackRock’s iShares Bitcoin Trust attract in inflows on July 16?

On July 16, BlackRock’s iShares Bitcoin Trust attracted $260 million in inflows from Bitcoin investors.

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Ecem EFE

Since 2022, Ecem has been creating digital content, combining her passion for technology with writing. Continuing her education in the Mathematics department, Ecem focuses on producing in-depth content on areas such as blockchain, artificial intelligence, and cryptocurrency. She aims to simplify these topics and present them to a wide audience, sharing valuable insights into the crypto industry through her writing. With her innovative content, she strives to raise awareness in the digital world.