Highlights
- Spot Bitcoin ETFs in the US have experienced significant inflows for seven consecutive trading sessions.
- BlackRock's IBIT trading volumes surged to $1.2 billion on Monday's trading session.
- This growth reflects strong demand for Bitcoin ETFs from both retail and institutional investors.
The third week of July began with significant momentum as Bitcoin surged to $65,000, supported by robust inflows into US Bitcoin ETFs. Monday marked the second consecutive day of over $300 million in ETF inflows.
Bitcoin ETF Inflows Make New Milestone
For the last seven consecutive trading sessions, the spot Bitcoin ETFs have registered strong inflows which is a healthy development hinting at less long-term volatility for Bitcoin.
On Monday, the US BTC ETFs registered net inflows of $300.9 million with none of the ETFs showing any outflows. Along with BlackRock’s IBIT, Ark Invests ARKB led the total inflows on Monday at $117.2 million each.
With this, the total inflows for all nine spot Bitcoin ETFs in the US have crossed $16.1 billion for the first time since inception. Of course, BlackRock is leading the pack in terms of the overall contribution to the total inflows. These strong inflows have continued following BlackRock CEO Larry Fink strongly endorsing Bitcoin investments in his latest CNBC interview. Fink said:
“I’m a major believer that there is a role for Bitcoin in portfolios. I believe you’re going to see that as one of the asset classes that we all look at. I look at it as digital gold, as I said before”.
Also Read: Ethereum To Outperform Bitcoin After Spot ETF Launch
ETF Trading volumes Skyrocket
On Monday, the trading volumes for BTC ETFs surged significantly. Blackrock’s IBIT led the pack recording nearly $1.2 billion in trading volumes followed by Fidelity’s FBTC seeing over $410 million in daily trading volumes.
✅ U.S. Bitcoin ETF trading volumes on 7/15 👇$IBIT $1.2 Billion, $FBTC > $GBTC, $ARKB $165m, $BITB $92m pic.twitter.com/Mso5YsH8m2
— HODL15Capital 🇺🇸 (@HODL15Capital) July 15, 2024
While the Bitcoin ETFs provided a regulated way to seek exposure to the asset class, they have seen strong demand from retail as well as institutional investors alike.
CryptoQuant CEO Ky Young Ju stated: “Even just combining the 80 companies found manually in SEC filings accounts for 17% of the total ETF holdings. While not all can be considered institutional investors, significant numbers are included. Viewing ETF inflows solely as retail contributions seems inappropriate”.
Also Read: Hong Kong & Australia Bitcoin ETF Inflows Hit Record High
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