As a seasoned researcher with a deep interest in the cryptocurrency market, I have been closely monitoring the Bitcoin ETF landscape for quite some time now. The recent developments at the BlackRock Bitcoin ETF IBIT have left me utterly intrigued and impressed.
As a researcher studying the Bitcoin Exchange-Traded Fund (ETF) market, I’ve observed an impressive trend for the past eight consecutive days. On July 16 specifically, there was an influx of $429 million into these markets. Among the key players, BlackRock’s Bitcoin iShares ETF (IBIT) stood out with a significant milestone – surpassing $18.5 billion in total assets under management since its launch in January.
BlackRock Bitcoin ETF IBIT Hits Key Milestones
On Tuesday, July 16th, there was a significant inflow of approximately $260 million into the BlackRock Bitcoin ETF (IBIT), resulting in the purchase of around 4,005 Bitcoins from the open market. Over the last seven trading sessions, IBIT has been the leading source of inflows into Bitcoin ETFs. In total, the BlackRock Bitcoin fund has added over $900 million during this timeframe.
Reaching this latest achievement, BlackRock’s IBIT has absorbed the entire $18.6 billion in outflows from Grayscale’s GBTC, leading to a new record high for the total assets under management (AUM) in Bitcoin ETFs, which now stand at $16 billion.
According to HODL15Capital’s figures, Bitcoin ETFs experienced a collective inflow of approximately $429 million on Tuesday. This influx resulted in investment funds purchasing around 6,608 Bitcoins from the open market. Among these, Fidelity’s FBTC recorded an inflow of $61.1 million, while Ark Invest’s ARKB saw a $29.8 million increase. Over the past three days, US Bitcoin ETFs have reported over $1 billion in combined inflows.
7/16 U.S. Bitcoin ETF inflows of $429 million (6,608 $BTC)
8th consecutive positive day Last 3 days > $1 Billion inflows
— HODL15Capital (@HODL15Capital) July 17, 2024
During the entire month of July, US Bitcoin Exchange-Traded Funds (ETFs) experienced net purchases every day, with the exception of July 2nd and 3rd when there were minor sell-offs.
ETF Trading Volumes Surge
Large trading activity for Bitcoin spot ETFs indicates significant trust from both individual and institutional investors. For the second day in a row, BlackRock’s IBIT recorded more than a billion dollars in trades.
In contrast, Fidelity’s FBTC fund experienced inflows totaling $252.76 million, while Bitwise’s BITO product recorded trading volumes of approximately $229 million.
U.S. Bitcoin ETF trading volumes on 7/16 $IBIT $1 Billion, $FBTC > $GBTC, $ARKB $97m, $BITB $72m
— HODL15Capital (@HODL15Capital) July 16, 2024
In addition to the United States, there is strong demand for Bitcoin spot Exchange-Traded Funds (ETFs) in Australia and Hong Kong. For instance, the Monochrome Bitcoin ETF named IBTC has amassed a total of 85 Bitcoins, equivalent to approximately $7.99 million.
Large amounts of buying pushed Bitcoin’s price up to nearly $65,800 today, offsetting the negative sentiment caused by the Mt. Gox controversy.
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2024-07-17 06:22