US Spot Bitcoin ETFs Gain $300M in 7th Consecutive Inflows

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As a seasoned financial analyst with over a decade of experience in the industry, I have witnessed the evolution of various asset classes and investment vehicles. The recent trend in U.S. spot bitcoin exchange-traded funds (ETFs) has caught my attention due to its impressive performance and growing popularity among investors.

In the United States, Bitcoin exchange-traded funds (ETFs) experienced another day of growth, recording a total inflow of approximately $301 million. This is the seventh consecutive day that these Bitcoin ETFs have attracted investments.

Based on SoSoValue’s figures, BlackRock’s IBIT, the largest Bitcoin spot ETF by net asset value, took in the largest inflow of $117.25 million on Monday. Additionally, it ranked highest in trading volume with a total of $1.24 billion. Ark Invest and 21Shares’ ARKB came in second place with net inflows of $117.19 million.

For the day in question, Fidelity’s FBTC fund experienced substantial investments amounting to $36.15 million, while Bitwise’s BITB fund attracted approximately $15.24 million in new capital. Additionally, VanEck, Invesco, Galaxy Digital, and Franklin Templeton reported positive net inflows into their respective funds.

The total trading volume for U.S. bitcoin spot funds amounted to $2.26 billion on Monday. While this is a significant figure, it pales in comparison to the high daily volumes witnessed in March, which surpassed $8 billion. Since their debut in January, these funds have recorded a net inflow of approximately $16.11 billion.

The price of Bitcoin has shown strength, surpassing $64,000 and now standing at $64,770, while reliable reports indicate that spot Ethereum ETFs are set to debut on July 23. This news heightens excitement in the cryptocurrency ETF sector.

During a recent interview with CNBC, Larry Fink, the co-founder and CEO of BlackRock, acknowledged a change in his perspective regarding Bitcoin. He now views it as a legitimate financial instrument, admitting that his previous skepticism was unjustified.

Among Bitcoin ETFs, BlackRock’s IBIT gained the leading position with significant inflows, demonstrating investors’ trust during market instability.

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2024-07-16 10:44