U.S. spot Bitcoin exchange-traded funds (ETFs) continued their upward trend, reporting a daily net inflow of $301 million, marking the seventh consecutive day of gains. Leading the pack was BlackRock’s IBIT, which saw a substantial inflow of $117.25 million on Monday and topped the trading volume charts with $1.24 billion.
Strong Performance Across Major Bitcoin ETFs
BlackRock’s IBIT, the largest spot Bitcoin ETF by net asset value, led the inflows with $117.25 million. Ark Invest and 21Shares’ ARKB closely followed with net inflows of $117.19 million. Other notable inflows included Fidelity’s FBTC, which saw $36.15 million, and Bitwise’s BITB, which recorded $15.24 million. Additionally, VanEck, Invesco & Galaxy Digital, and Franklin Templeton reported net inflows into their respective funds. Overall, U.S. spot Bitcoin funds registered a total trading volume of $2.26 billion on Monday, though this figure remains below the peaks seen in March when daily volumes exceeded $8 billion. Since their launch in January, these ETFs have accumulated a total net inflow of $16.11 billion.
Market Resilience and Future Prospects
Bitcoin’s price showed resilience, surpassing $64,000 and currently trading at $64,770. This performance comes amid anticipation of the launch of spot Ether ETFs on July 23, which is expected to further energize the cryptocurrency ETF market.
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Changing Sentiments Toward Bitcoin
During a CNBC interview on Monday, BlackRock’s co-founder and CEO Larry Fink expressed a significant shift in his perspective on Bitcoin. He described Bitcoin as a “legitimate financial instrument,” admitting that his earlier skepticism was misplaced. This endorsement from a key financial figure underscores the growing acceptance of Bitcoin within mainstream financial institutions.
BlackRock’s IBIT has emerged as the top spot Bitcoin ETF, reflecting strong investor confidence despite ongoing market volatility. The consistent inflows into these ETFs highlight the increasing interest and trust in Bitcoin as an investment vehicle. With the impending launch of spot Ether ETFs, the cryptocurrency ETF market is poised for further growth and development.
