BlackRock Bitcoin ETF IBIT surpassed $18.5 billion in assets, contributing $900 million in inflows over seven days.
Total Bitcoin ETF inflows on July 16 were $429 million, with 6,608 BTC bought from the market.
Fidelity’s FBTC saw $252.76 million inflows, and the Bitcoin price surged to $65,800.
Inflows into spot Bitcoin ETF markets remained robust for the eighth consecutive day, with a total of $429 million recorded on Tuesday, July 16. The BlackRock Bitcoin ETF IBIT is driving this boom, having now topped $18.5 billion in total assets under management since its inception in January.
BlackRock’s Massive Market Impact
On Tuesday, July 16, the BlackRock Bitcoin ETF IBIT saw a massive $260 million inflow, scooping a total of 4,005 BTC from the open market. Over the past seven trading sessions, IBIT has been the biggest contributor to the total inflows into Bitcoin ETFs.
During this period, the BlackRock Bitcoin fund alone contributed $900 million of inflows, completely absorbing the $18.6 billion of outflows from Grayscale’s GBTC. Consequently, the total Bitcoin ETF AUM across all products hit a record high of $16 billion.
Strong Inflows Across Multiple Funds
Data from HODL15Capital indicates that the total Bitcoin ETF inflows for Tuesday stood at $429 million. Investment funds collectively bought 6,608 BTC from the open market. Besides BlackRock, Fidelity’s FBTC saw a $61.1 million inflow, while Ark Invest’s ARKB recorded $29.8 million in inflows. Over the last three days, US BTC ETFs have recorded over $1 billion in total inflows.
Throughout July, US BTC ETFs have seen consistent inflows, with only two days of outflows on July 2 and 3. Strong trading volumes for spot Bitcoin ETFs indicate substantial confidence among retail and institutional investors. For the second consecutive day, BlackRock’s IBIT clocked over $1 billion in trading volume.
Daily U.S. Bitcoin ETF inflows in July Over $1 Billion in 3 days pic.twitter.com/dCGXgYklmY
— HODL15Capital (@HODL15Capital) July 17, 2024
Global Demand and Market Reactions
Fidelity’s FBTC saw $252.76 million in inflows, while Bitwise’s BITO clocked $229 million in trading volumes. Apart from the US markets, demand for spot Bitcoin ETFs in Australia and Hong Kong remains high. The Monochrome BTC ETF IBTC has accumulated a total of 85 BTC, valued at $7.99 million. These massive inflows sent the Bitcoin price soaring to $65,800 levels earlier today, offsetting concerns related to the Mt. Gox incident.
The sustained strong inflows into Bitcoin ETFs, particularly from big companies such as BlackRock, reflect investors’ rising confidence and interest in digital assets. This pattern demonstrates strong market demand and a positive prognosis for Bitcoin ETFs internationally.
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