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.
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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