On Tuesday, U.S. spot Bitcoin ETFs saw net inflows of $422.5 million, their strongest trading day in over a month. BlackRock’s iShares Bitcoin Trust attracted $260 million from investors on July 16, contributing more than half of the day’s net inflows
This marked the eighth consecutive day of positive net inflows for U.S. spot Bitcoin ETFs, making it the best day since June 5, according to Farside Investors.
Recent Inflows and Market Updates for U.S. Bitcoin ETFs
The Fidelity Wise Origin Bitcoin Fund recorded the second highest inflows among U.S. spot Bitcoin ETFs, with $61.1 million. The ARK 21Shares Bitcoin ETF came in third with $29.8 million. The VanEck Bitcoin ETF and Invesco Galaxy Bitcoin ETF also saw inflows exceeding $20 million. However, the Grayscale, Hashdex, and WisdomTree spot Bitcoin ETFs did not register any inflows.
Following its latest acquisition of 4,004 Bitcoins and Bitcoin’s 3% price rise since Monday, BlackRock’s Bitcoin fund has regained a valuation of over $20 billion. The fund first surpassed $20 billion in assets under management in late May, when Bitcoin was nearing $70,000, making it the world’s largest Bitcoin ETF.
Market Reactions and Recent Developments in Bitcoin
Nate Geraci, president of The ETF Store, praised BlackRock’s recovery of its $20 billion milestone but criticized claims that only “degen retail” investors are interested in Bitcoin products. His remarks came shortly after BlackRock CEO Larry Fink called Bitcoin a “legitimate” financial instrument capable of protecting against currency debasement.
Source: Nate Geraci’s Tweet
Bitcoin is currently priced at $65,470, marking a 13.1% increase over the past week. This rise follows a drop to a near five-month low of $53,600 on July 5, which was largely 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.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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