On July 16, BlackRock’s iShares Bitcoin Trust garnered $260 million from Bitcoin investors, contributing over half of all net inflows into US spot Bitcoin ETFs for the day. This marked the eighth consecutive day of positive net inflows, totaling $422.5 million, the highest since June 5, as reported by Farside Investors.
Following BlackRock, the Fidelity Wise Origin Bitcoin Fund recorded the second-highest inflows among US spot Bitcoin ETFs at $61.1 million, followed by the ARK 21Shares Bitcoin ETF with $29.8 million. The VanEck Bitcoin ETF and Invesco Galaxy Bitcoin ETF also saw significant inflows exceeding $20 million, while Grayscale, Hashdex, and WisdomTree-issued spot Bitcoin ETFs did not report any inflows.
BlackRock’s Bitcoin holdings have surged back above $20 billion after its recent acquisition of 4,004 Bitcoin and Bitcoin’s 3% price increase since Monday’s trading hours closed.
The fund initially surpassed $20 billion in assets under management in late May as Bitcoin approached $70,000, solidifying its position as the world’s largest Bitcoin ETF.
Nate Geraci, president of The ETF Store, lauded BlackRock’s achievement while criticizing those who dismiss Bitcoin products as only appealing to “degen retail” investors.
Two days after BlackRock’s CEO Larry Fink described Bitcoin as a “legitimate” financial instrument that can hedge against currency debasement, Bitcoin is priced at $65,470. This marks a 13.1% increase over the past week, rebounding from a near five-month low of $53,600 on July 5.
The recent price decline was largely driven by concerns surrounding the German government’s sale of nearly 50,000 Bitcoins and the announcement that Mt. Gox is preparing to repay over $9 billion to creditors.
