The tide appears to be turning for Bitcoin(BTC) ETFs (Exchange Traded Funds) as investors pour money into the digital asset class. Inflows into US spot Bitcoin ETFs reached their highest level in over a month on Tuesday, with BlackRock’s iShares Bitcoin Trust (IBIT) leading the charge.
IBIT Absorbs Over Half of Daily Inflows
IBIT raked in $260 million on July 16th, contributing more than half of the total $422.5 million in net inflows for US spot Bitcoin(BTC) ETFs that day. This marks the eighth consecutive day of positive inflows, according to data from Farside Investors. The strong investor sentiment follows comments by BlackRock CEO Larry Fink who recently called Bitcoin a “legitimate” financial instrument.
Fidelity and ARK Also See Strong Inflows
While IBIT dominated, other major issuers like the Fidelity Wise Origin Bitcoin Fund ($61.1 million) and the ARK 21Shares Bitcoin ETF ($29.8 million) also saw significant inflows. Notably, the VanEck Bitcoin ETF and Invesco Galaxy Bitcoin ETF both surpassed $20 million in daily inflows.
BlackRock’s Bitcoin Stash Back Above $20 Billion
BlackRock’s recent purchase of 4,004 Bitcoin(BTC), coupled with a 3% rise in Bitcoin’s price since Monday, has pushed the value of the firm’s Bitcoin holdings back above $20 billion. This reaffirms IBIT’s position as the world’s largest Bitcoin ETF by Assets Under Management (AUM).
Industry Experts Applaud Renewed Interest
Industry figures like Nate Geraci, president of The ETF Store, praised BlackRock’s renewed confidence in Bitcoin and criticized those who dismissed retail investor interest in the asset class.
Also Read: Short Sellers Squeezed as Bitcoin Price Nears All-Time High: $19 Billion in Liquidations Possible
Bitcoin Price Rebounds After Recent Dip
Bitcoin’s(BTC) price is currently hovering around $65,470, reflecting a 13.1% increase over the past week. This comes after a significant drop to nearly $53,600 in early July, fueled by concerns over Mt. Gox repayments and a German government Bitcoin sale.
The recent surge in Bitcoin ETF inflows and BlackRock’s continued investment suggest a growing institutional appetite for the digital asset. With Bitcoin’s price rebounding, all eyes will be on whether this positive trend can be sustained.
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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