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.
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
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
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