As a seasoned crypto investor with a decade of experience under my belt, I’ve witnessed the ups and downs of this volatile market. However, the recent surge in Bitcoin ETF inflows has left me impressed and optimistic.
On July 16, BlackRock’s iShares Bitcoin Trust, the biggest asset manager globally, drew in approximately $260 million from Bitcoin investors, representing more than 50% of the total net inflows into Bitcoin spot ETFs that day.
For eight straight days, US Bitcoin spot ETFs have experienced positive net inflows, amounting to $422.5 million on this particular day. This is the strongest inflow since June 5, based on information from Farside Investors.
Approximately $61.1 million flowed into the Fidelity Wise Origin Bitcoin Fund, a notable increase. The ARK 21Shares Bitcoin ETF attracted about $29.8 million, also experiencing substantial growth. Both the VanEck and Invesco Galaxy Bitcoin ETFs reported more than $20 million in new investments. However, Grayscale, Hashdex, and WisdomTree’s spot Bitcoin ETFs did not register any inflows during this period.
As a researcher studying investment trends, I can tell you that my latest findings reveal BlackRock’s Bitcoin holdings have regained a value exceeding $20 billion. This is following their acquisition of an additional 4,004 Bitcoin units and a 3% price increase since Monday’s market close. Previously, the fund surpassed this milestone in late May when the price of a single Bitcoin was hovering around $70,000, making BlackRock the largest Bitcoin Exchange-Traded Fund (ETF) globally.
Nate Geraci, president of The ETF Store, praised BlackRock for its success in the Bitcoin market, but disagreed with the idea that only inexperienced retail investors would be drawn to such products. This statement follows closely on the heels of Larry Fink’s recent declaration that Bitcoin qualifies as a legitimate financial asset capable of shielding against currency devaluation.
The current price of Bitcoin stands at an impressive $65,470, marking a significant surge of 13.1% over the past week. This upward trend can be attributed to several factors, including apprehensions surrounding Germany’s planned sale of approximately 50,000 Bitcoins and the implementation of Mt. Gox’s $9 billion creditor compensation scheme.
The recent surge in Bitcoin ETF investments by institutions indicates their increasing trust in the cryptocurrency during market turbulence, emphasizing Bitcoin’s emerging significance within the financial world.
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2024-07-17 10:13