As a seasoned financial analyst with extensive experience in the crypto market, I find the recent surge in Bitcoin’s price and institutional investment into Bitcoin ETFs intriguing. The inflows of over $400 million into U.S. spot Bitcoin ETFs within just one day are noteworthy, especially with BlackRock leading the charge.
As a crypto investor, I’ve witnessed an exciting development in the Bitcoin market. On July 17, the price of Bitcoin soared above $66,000, fueled by a remarkable influx of investment. Specifically, over $422.5 million flowed into eleven Bitcoin spot exchange-traded funds (ETFs) based in the United States. This is the largest single-day inflow since June 5, signaling strong demand and optimism within the Bitcoin community.
On July 16, iShares Bitcoin Trust from BlackRock spearheaded the way with a $260 million investment in Bitcoin from its backers, making up over fifty percent of the daily inflows into US Bitcoin exchange-traded funds (ETFs) that day. According to Farside Investors’ data, this was the eighth consecutive day where US spot Bitcoin ETFs experienced positive net inflows.
Total net Bitcoin ETF inflow: $422.5 million (Preliminary figures)
— Farside Investors (@FarsideUK) July 17, 2024
The Fidelity Wise Origin Bitcoin Fund saw the second largest inflow of funds among US Bitcoin ETFs, totaling $61.1 million. The ARK 21Shares Bitcoin ETF came in third with an inflow of $29.8 million.
Two Bitcoin-linked exchange-traded funds (ETFs) – the VanEck Bitcoin Strategy ETF and Invesco Galaxy Bitcoin ETF – experienced inflows exceeding $20 million. On the other hand, no new investments were made in the Bitcoin ETFs offered by Grayscale, Hashdex, or WisdomTree.
The value of BlackRock’s Bitcoin holdings has surpassed $20 billion after the company bought an additional 4,004 Bitcoins and experienced a 3% price rise since markets closed on Monday.
As a researcher studying the cryptocurrency market, I discovered that our fund crossed the $20 billion threshold in asset management around late May. This milestone coincided with Bitcoin’s approach to reaching an all-time high of approximately $70,000, making our Bitcoin ETF the largest of its kind globally.
Nate Geraci, the president of The ETF Store, commended BlackRock for reaching a significant achievement, yet expressed reservations about the characterization of Bitcoin buyers being limited to “uninformed retail investors.” This accomplishment came at the same time as BlackRock CEO Larry Fink’s statements, in which he considered Bitcoin a “legitimate” financial asset that could protect against currency devaluation.
Large-scale Bitcoin investors, referred to as crypto whales, have been buying large quantities of Bitcoin. According to CryptoQuant’s data from July 15, roughly 10,800 Bitcoins, valued at around $656.64 million, were transferred to addresses that typically accumulate the digital currency.
Ki Young Ju, the CEO of CryptoQuant, provided intriguing information about Bitcoin’s recent trends based on the actions of its holders. Over the past 30 days, non-active wallets, which usually don’t experience any outflows, have accumulated approximately 85,000 BTC. Ju pointed out that while some investors are rushing to sell due to market instability, others are taking advantage of these conditions and purchasing Bitcoin.
As a crypto investor, I’ve noticed an intriguing development in the Bitcoin market over the past month. Permanent holders, those using mostly custodial wallets with zero outflows, have amassed approximately 85,000 Bitcoins without any signs of selling. This group doesn’t include ETFs, exchanges, or miners.
— Ki Young Ju (@ki_young_ju) July 10, 2024
The present value of Bitcoin (BTC) stands at $65,340, representing a weekly increase of 11.2%. This surge comes following a significant dip to approximately $53,600 on July 5 – the lowest point in nearly five months. The price decline can be attributed mainly to apprehensions regarding Germany’s intention to sell roughly 50,000 Bitcoins and reports that Mt. Gox intends to compensate its creditors with over $9 billion.
The cryptocurrency market is eagerly waiting for the Securities and Exchange Commission (SEC) to give its green light to the launch of Ether-backed spot exchange-traded funds (ETFs). There’s a strong belief that this approval could be announced before the month of July concludes.
The SEC reportedly delivered final instructions to asset managers preparing to launch Ether ETFs.
According to Bloomberg ETF analyst Eric Balchunas, issuers were required to submit their final S-1 filing documents by July 16th.
As a crypto investor following Balchunas’ analysis, I anticipate that the SEC will give their official approval to the S-1 filings on July 22 after the market closes. Consequently, the spot Ethereum ETFs are expected to begin trading on July 23.
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2024-07-17 12:36