As a researcher with a background in cryptocurrencies and investment products, I find this surge in investments into Bitcoin exchange-traded funds (ETFs) on July 12, 2024, to be an exciting development. The significant net inflows of over $309 million, with BlackRock’s iShares Bitcoin Trust and Fidelity Wise Origin Bitcoin Fund leading the charge, indicate a growing institutional interest in Bitcoin as an investment asset.
On July 12, there was a significant surge in investments in Bitcoin exchange-traded funds (ETFs) based in the US. This marked their strongest day since June 5, with over $310 million being poured in. The majority of these funds ended up in the hands of BlackRock and Fidelity.
Based on the information from Farside Investors, the BlackRock iShares Bitcoin Trust (IBIT) saw the largest inflow of funds, amounting to $120 million. The Fidelity Wise Origin Bitcoin Fund (FBTC) came in second with $115.1 million in new investments.
$BTC ETFsNet flows today = +$309.9mLargest net inflow day since June 5th — #333kByJuly2025 (@CarpeNoctom) July 13, 2024
The Bitwise Bitcoin ETF ranked third, bringing in $28.4 million in new investments. It’s worth noting that the Grayscale Bitcoin Trust experienced an unexpectedly strong day with a net inflow of approximately $23 million.
The VanEck Bitcoin Trust ETF and Invesco Galaxy Bitcoin ETF attracted investments totaling $6 million and $4 million respectively on that day. Conversely, Hashdex, Franklin Templeton, Valkyrie, and WisdomTree did not record any inflows into their spot Bitcoin ETFs.
This week, the aggregate value of Bitcoin investment product inflows reached an impressive $1.04 billion. The unrelenting interest in Bitcoin has led to a remarkable accumulation of $15.8 billion in just half a year for spot Bitcoin ETFs.
This statistic is worth mentioning: Grayscale’s Bitcoin product has reported substantial withdrawals, totaling over $18.6 billion since its transformation into a spot ETF in January. The Hashdex Bitcoin ETF (DEFI) is the sole other spot Bitcoin ETF to witness net outflows, amounting to a relatively insignificant $2 million.
At the moment I’m penning this down, Bitcoin is priced at $58,158 based on data from CoinMarketCap, representing a 1.7% rise in value over the past 24-hour period.
Moving forward, certain Bitcoin ETF providers are readying themselves to introduce spot Ethereum ETFs, which may become available as soon as next week. These organizations are currently waiting for the green light from the U.S. securities regulatory body on their modified S-1 registration statement submissions, following preliminary comments they received towards the end of last month.
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2024-07-13 13:08