The world’s largest asset manager, BlackRock’s iShares Bitcoin Trust attracted $260 million from Bitcoin investors on July 16, accounting for over half of the day’s net inflows into spot Bitcoin ETFs.
This marks the eighth consecutive day of positive net inflows for U.S. spot Bitcoin ETFs, with a total of $422.5 million, making it the best day since June 5, according to Farside Investors data.
The Fidelity Wise Origin Bitcoin Fund gained $61.1 million, ARK 21Shares Bitcoin ETF received $29.8 million, while VanEck and Invesco Galaxy Bitcoin ETFs both saw over $20 million in inflows, but Grayscale, Hashdex, and WisdomTree spot Bitcoin ETFs had no inflows.
BlackRock’s Bitcoin holdings are now valued back above $20 billion after acquiring 4,004 Bitcoin, combined with a 3% price rise since Monday’s trading hours. The fund first surpassed the $20 billion mark in late May when Bitcoin was nearing $70,000, making it the world’s largest Bitcoin ETF.
Nate Geraci, president of The ETF Store, commended BlackRock’s achievement while criticizing the notion that only “degen retail” investors would buy Bitcoin products. This comes just two days after BlackRock’s CEO Larry Fink called Bitcoin a “legitimate” financial instrument that can protect against currency debasement.
Bitcoin is priced at $65,470, rising 13.1% in the past week from a low of $53,600 on July 5, influenced by concerns over Germany’s sale of nearly 50,000 Bitcoins and Mt. Gox’s $9 billion creditor repayment plan.
This resurgence in Bitcoin ETF inflows highlights growing institutional confidence amidst market volatility, underscoring Bitcoin’s evolving role in global finance.
