The institutional appetite for Bitcoin (BTC) continues to grow, with Spot Bitcoin ETFs witnessing their fourth consecutive day of inflows. This surge in interest coincides with a strategic shift by Burkett Financial Services, an investment firm, which recently dumped ProShares’ BITO to exclusively hold BlackRock’s iShares Bitcoin Trust (IBIT).
Burkett Financial Services Doubles Down on BlackRock’s IBIT
Burkett Financial Services’ latest SEC filing reveals a significant increase in their IBIT holdings, jumping from 602 units in Q1 to 1,168 units in Q2. This translates to a near-doubling of their investment, reflecting a strong endorsement of BlackRock’s approach to Bitcoin ETFs.
Institutional Confidence in Spot Bitcoin ETFs
Burkett Financial Services’ move aligns with a broader trend of institutional investors entering the Spot Bitcoin ETF market. The recent 13F filings showcase a growing number of institutions seeking exposure to Bitcoin(BTC) through established players like BlackRock’s IBIT and Grayscale’s GBTC.
Fiduciary Alliance LLC further exemplifies this trend, emerging as a top purchaser of IBIT with an investment of $6.64 million in Q2. Additionally, they expanded their portfolio with a $3.48 million investment in Grayscale Bitcoin Trust.
Spot Bitcoin ETFs See Continued Inflows
Spot Bitcoin ETFs witnessed a net inflow of $147 million on July 10th, marking the fourth consecutive day exceeding $100 million. This trend signifies sustained investor confidence despite recent market fluctuations.
Also Read: Bitcoin Bloodbath: 83% Of Short-Term Holders Underwater After Deepest Drop In 2 Years
While Fidelity’s Bitcoin ETF (FBTC) led the pack with a $57.8 million inflow, BlackRock’s IBIT experienced a drop from $121 million to $22.2 million. Grayscale Bitcoin(BTC) Trust also continued to see outflows, albeit at a slower pace of $8.2 million, indicating a potential recovery.
Investor Takeaways
The strategic shift by Burkett Financial Services and the continued inflows into Spot Bitcoin ETFs suggest growing institutional interest in this asset class. BlackRock’s IBIT appears to be a preferred choice for some investors, while established players like Grayscale’s GBTC are still attracting investment despite experiencing outflows earlier in the week. The overall trend points towards a maturing Bitcoin market with increasing institutional participation.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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