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BlackRock’s IBIT Scoops Another 2134 BTC, Bitcoin ETF Inflows Continue

The BlackRock IBIT Bitcoin ETF has accumulated over 5,000 BTC in the last two days making the most of the current BTC price dip. IBIT share price has also been on the recovery path.

Published by

Bhushan Akolkar

Updated 10 Jul, 2024 | 10:11:59 AM UTC

BlackRock’s IBIT Scoops Another 2134 BTC, Bitcoin ETF Inflows Continue

Highlights

BlackRock IBIT has seen more than $300 million in inflows over the last two days.
BlackRock's IBIT ETF shares rose 2.49% on July 9, staging the recovery after last month's sell-off.
Grayscale's GBTC witnessed outflows of $37 million again on Tuesday.

The US spot Bitcoin ETFs have been once again in the limelight as inflows have gathered pace recently. On Tuesday, July 9, the spot Bitcoin ETFs recorded $214 million in inflows, with BlackRock’s IBIT leading the show.

BlackRock’s IBIT Scoops 2134 BTC

Yesterday, the BlackRock Bitcoin ETF IBIT registered $121 million in inflows scooping a total of 2134 BTC in its kitty. A day before the BlackRock IBIT inflows stood at a massive $187 million while managing to scoop over 3,300 Bitcoins as the BTC price crashed all the way to $53,500 earlier on Monday.

Well, it clearly goes to show that the Bitcoin ETFs have been absorbing most of the selling pressure caused by the recent selling by the German government. Currently, the total inflows in US BTC ETFs have touched a 3-week high. As the BTC price crashes to new lows, long-term holders of Bitcoin ETFs see this as a great opportunity to stack more quantity at a discounted price.

🚨 BlackRock buys 2134 BTC ($121m)!

IBIT holders thank Germany for the discount 😂 pic.twitter.com/iHpToJ2AUw

— Julian Fahrer (@Julian__Fahrer) July 9, 2024

This week so far, BlackRock’s IBIT has been leading all other spot Bitcoin ETFs in the US in terms of net inflows. On July 9, BTC ETFs experienced a total net inflow of $216 million. Leading the charge, BlackRock’s IBIT ETF recorded a single-day net inflow of $121 million. Fidelity’s FBTC ETF followed with a net inflow of $90.9503 million. In contrast, Grayscale’s GBTC ETF saw a single-day outflow of $37.4956 million.

Also Read: BlackRock & Grayscale Bitcoin ETF Grab Investment From Iowa Bank

Bitcoin ETF Shares on A Recovery

The US BTC ETFs have been making the most of the opportunity with the recent drop in the BTC price. The share price of spot ETFs has been feeling the heat as the BTC price tumbled to a four-month low earlier this week.

However, with strong inflows resuming again, the Bitcoin ETF share price has been staging a partial recovery gaining 2-5% in the last two days. On Tuesday, the iShares Bitcoin Trust (NASDAQ: IBIT) surged 2.49% moving all the way to 32.96.

Although the IBIT share is trading at a 17% discount on the monthly chart, it still trades at 23.77% gains year-to-date. The share price of other spot BTC ETFs in the US has also seen a similar recovery.

Also Read: Singapore Exchange Ditches Bitcoin & Crypto ETF Listings

Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets.   He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

Published by

Bhushan Akolkar

Updated 10 Jul, 2024 | 10:11:59 AM

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