BREAKING: BlackRock Bitcoin ETF (IBIT) Records First Inflow Of $209M After Weeks

30 mins ago

Independent Sr. Journalist

Expertise : Bitcoin, Crypto, Global Macro, DeFi, Blockchain, Web3, US Stocks, AI, Regulations and Lawsuits, & More

Varinder is a seasoned leader in the fintech and crypto media with over 12 years of experience, including over 6 years dedicated to blockchain, crypto, and Web3 developments. He is known for covering high-impact and quality news stories for publishers such as CoinGape, The Coin Republic, and The Crypto Times, while perfecting and training multiple journalists during his tenure. Being a Master of Technology degree holder, analytics thinker, and tech enthusiast, he has shared his knowledge of disruptive technologies in over 6000 news articles and papers.

Read full bio

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

BlackRock Bitcoin ETF (IBIT) Records First Inflow Of $209M After Weeks, BTC Rally?

BlackRock Bitcoin ETF (IBIT) Sees Over $209 Million in Inflows

BlackRock’s iShares Bitcoin Trust (IBIT) recorded $209.4 million in inflows, according to Farside Investors data on July 7. This marks the first significant positive movement after weeks of outflows or minimal activity.

Fidelity’s FBTC, Bitwise’s BITB, ARK 21Shares’ ARKB, and Grayscale Mini ETF also saw $9.7 million, $4.8 million, $33 million, and $42.3 million in inflows. However, Grayscale’s GBTC recorded $44.5 million in outflows.

This increased total U.S. spot Bitcoin ETF inflows to $265.7 million, the strongest single-day inflows in weeks. Spot Bitcoin ETFs have now recorded inflows for two consecutive days, sparking positive sentiment in the crypto market.

Spot Bitcoin ETF Records Second Major Inflow After Weeks. Source: Farside Investors

Spot ETFs snapped a period of mixed-to-negative flows in late June and early July, where IBIT had seen consistent outflows. Notably, BlackRock Bitcoin ETF saw $40.4 million in outflows despite the first net inflow on Friday.

Can BTC Price Rally amid Headwinds?

Bitcoin price is currently trading within the $63,000-$64,000 range. The intraday low and high were $61,275 and $64,597, respectively. Moreover, trading volume has climbed more than 90% over the past 24 hours, indicating a rise in interest among traders.

Inflows into BlackRock Bitcoin ETF often correlate with price support, especially during selling pressure. It explains the rise in BTC price despite Michael Saylor’s Strategy selling massive Bitcoin worth $216 million.

Strong institutional interest via the largest ETF, seasonal factors, and potential liquidity catalysts could drive Bitcoin price rally. IBIT remains the standout performer with massive cumulative inflows of more than $60 billion.

Market expert firm BIT (formerly Matrixport) claimed that Bitcoin has started July on a solid footing, given its historically strong seasonality. “Supportive rhetoric from President Trump, including remarks that the US is taking over crypto and is in a position of strength, has helped sentiment,” said BIT.

Also, it added that investor attention shifted to the Clarity Act, facing an August 7 deadline before the Senate begins its summer recess. BIT predicts an initial resistance for Bitcoin at $65,955.

Bitcoin Trading Above 30-Day MA. Source: BIT

If you want to easily, efficiently, and quickly swap one crypto to another crypto, check out these 10 Best Crypto Swapping Sites.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.