On Tuesday, United States spot Bitcoin ETFs recorded net inflows of $422.5 million, marking their strongest trading day in over a month. BlackRock’s iShares Bitcoin Trust (IBIT) attracted $260 million from Bitcoin investors on July 16, contributing more than half of the day’s total net inflows into spot Bitcoin ETFs.
Significant Inflows for Bitcoin ETFs
This influx marked the eighth consecutive day of positive net inflows for U.S. spot Bitcoin ETFs, with the $422.5 million figure being the best since June 5, according to Farside Investors. Following BlackRock, the Fidelity Wise Origin Bitcoin Fund garnered the second-highest inflows at $61.1 million. The ARK 21Shares Bitcoin ETF came in third with $29.8 million.
Other notable inflows included the VanEck Bitcoin ETF and the Invesco Galaxy Bitcoin ETF, both exceeding $20 million. However, ETFs issued by Grayscale, Hashdex, and WisdomTree did not register any inflows.
BlackRock’s Growing Bitcoin Holdings
BlackRock’s Bitcoin holdings are now valued above $20 billion, boosted by their recent purchase of 4,004 Bitcoin and a 3% rise in Bitcoin’s price since Monday’s close. The fund first surpassed $20 billion in assets under management in late May, when Bitcoin neared $70,000, making it the world’s largest Bitcoin ETF.
Nate Geraci, president of The ETF Store, praised BlackRock’s achievement while countering the notion that only “degen retail” investors buy Bitcoin products. This comes shortly after BlackRock CEO Larry Fink called Bitcoin a “legitimate” financial instrument that can protect against currency debasement.
Current Bitcoin Market Trends
Bitcoin is currently priced at $65,470, up 13.1% over the past week after dipping to a near five-month low of $53,600 on July 5. The recent price drop was primarily driven by concerns over the German government’s sale of nearly 50,000 Bitcoins and news that Mt. Gox is preparing to repay over $9 billion to creditors.
