BlackRock Bitcoin ETF IBIT Drives Record $429 Million Inflows in US Markets

  • The spot Bitcoin ETF markets have seen considerable inflows for eight consecutive days, with a total of $429 million entering on Tuesday, July 16.
  • BlackRock Bitcoin ETF IBIT has been a significant player, amassing over $18.5 billion in total assets under management since January.
  • A notable $260 million inflowed into BlackRock’s IBIT on a single day, acquiring 4,005 BTC from the open market.

Massive inflows into Bitcoin ETFs highlight strong confidence, driving significant value in the crypto market.

BlackRock Bitcoin ETF IBIT Achieves Major Milestones

The BlackRock Bitcoin ETF IBIT reported outstanding inflows, receiving $260 million on July 16, coming to a cumulative seven-day inflow of $900 million. This surge has helped BlackRock’s IBIT to offset the $18.6 billion outflows attributed to Grayscale’s GBTC, pushing the total assets under management in Bitcoin ETFs to a new peak of $16 billion.

Subsequent Contributions by Other ETFs

Aside from BlackRock’s ETF, Fidelity’s FBTC saw $61.1 million in inflows, and Ark Invest’s ARKB witnessed $29.8 million. Accumulatively, US Bitcoin ETFs recorded more than $1 billion in inflows over just three days. HODL15Capital’s data shows a $429 million influx on Tuesday alone, translating to an impressive acquisition of 6,608 BTC from the open market.

ETF Trading Volumes Surge Significantly

The trading volumes of spot Bitcoin ETFs remained robust, underlining strong investor confidence. BlackRock’s IBIT posted trading volumes exceeding $1 billion for the second consecutive day. Meanwhile, Fidelity’s FBTC and Bitwise’s BITO also saw substantial activity, recording $252.76 million and $229 million in trading volumes, respectively.

Global Demand for Bitcoin ETFs

Beyond the US, the demand for spot Bitcoin ETFs remains robust in international markets such as Australia and Hong Kong. For instance, the Monochrome BTC ETF IBTC in Australia has garnered a total of 85 BTC valued at $7.99 million. This expansion underscores the increasing global appetite for crypto-based financial products.

Impact on Bitcoin Prices

The influx and trading activities within the Bitcoin ETFs have driven Bitcoin prices up to $65,800, effectively counteracting negative market sentiments caused by the Mt. Gox FUD.

Conclusion

These continued inflows into Bitcoin ETFs indicate a bullish outlook and robust investor confidence. The substantial AUM figures and high trading volumes underscore a strong market interest that is likely to persist, driving further growth and potentially higher valuations in the cryptocurrency market.

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