On July 23, BlackRock's spot Bitcoin exchange-traded fund (ETF) witnessed a massive investment inflow. The fund called IBIT received more than $523 million in investments on this date, thus recording the biggest inflow day of the last four months. BlackRock's iShares Bitcoin Trust ETF (IBIT) collected 7,759 Bitcoins on July 22, according to data shared by co-founder Julian Fahrer on the X platform. The total value of these Bitcoins exceeded $523 million at the time of writing. These large inflows on July 22 brought the total amount of Bitcoin under IBIT's management to 333,000, making these assets equivalent to approximately $22 billion at current prices. Among IBIT's biggest inflow days, the record entry on March 18, when $849 million worth of Bitcoin was added, and the second biggest day on March 5, with $788 million inflow, stand out.
Intense Interest in Ethereum ETF Funds
Ethereum ETF funds had a remarkable performance in their first trading day despite large outflows from Grayscale's newly converted Ethereum Trust. Ethereum ETFs reported a total net inflow of $106.6 million in their first day. BlackRock's iShares Ethereum Trust ETF led with inflows of $266.5 million, while Bitwise Ethereum ETF came in second with net inflows of $204 million. Fidelity Ethereum Fund ETF fund came in third with $71.3 million. These large inflows into Ethereum ETF funds were effective in offsetting the $484.9 million outflow experienced by Grayscale Ethereum Trust (ETHE). ETHE was launched by Grayscale in 2017 and offered institutional investors the opportunity to purchase Ethereum; however, all investments are subject to a six-month lock-in period.
US Government's Bitcoin Reserves Debate
Asset manager Bryan Courchesne discussed on CNBC the potential for Bitcoin to be adopted as a strategic reserve asset by the US government in the future. Courchesne stated that accepting Bitcoin as a reserve asset is difficult but not impossible. The Department of Justice's massive holdings of 200,000 Bitcoins make the US government one of the largest holders of Bitcoin. Courchesne suggested that the Department of Justice could transfer these Bitcoins to the US Treasury Department, and the Treasury could begin accumulating and storing this scarce asset for the long term. During the Trump administration, statements of support for Bitcoin amid rising global debt and monetary inflation increased speculation that this crypto asset could become a global reserve asset or a strategic US Treasury asset.
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I EXPLAIN IN DETAIL.
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