BlackRock’s iShares Bitcoin Trust Sees Massive Inflows
Key Takeaways:
- BlackRock’s iShares Bitcoin Trust drew $260 million in one day.
- U.S. spot Bitcoin ETFs saw $422.5 million in total inflows.
- Bitcoin price surged to $65,533, up 10.67% over the week.
YEREVAN (CoinChapter.com) — BlackRock’s iShares Bitcoin Trust attracted $260 million from investors on July 16. This amount accounted for more than half of the day’s total net inflows into U.S. spot Bitcoin ETFs. It was the eighth straight day of positive net inflows for these ETFs.
The Fidelity Wise Origin Bitcoin Fund followed with $61.1 million in inflows. The ARK 21Shares Bitcoin ETF came in third with $29.8 million. The VanEck Bitcoin ETF and the Invesco Galaxy Bitcoin ETF also saw inflows above $20 million. Meanwhile, Grayscale, Hashdex, and WisdomTree-issued spot Bitcoin ETFs did not register significant inflows.
ETF Store President Praises BlackRock’s Bitcoin ETF Success
Nate Geraci, president of The ETF Store, commented on the achievement. He praised BlackRock’s milestone and addressed misconceptions about Bitcoin products being primarily for “degen retail” investors.
BlackRock’s Bitcoin ETF Hits $20B as Bitcoin Surges to $65K
BlackRock’s Bitcoin holdings are now valued back above $20 billion. This follows its latest purchase of 4,004 Bitcoin and a 3% price rise. The fund first surpassed the $20 billion mark in late May, making it the world’s largest Bitcoin ETF. BlackRock CEO Larry Fink has recently called Bitcoin a “legitimate” financial instrument that can protect against currency debasement.
Bitcoin is currently priced at $65,533, up 10.67% over the last week. This recovery comes after a near five-month low of $53,600 on July 5. The initial drop was due to concerns over the German government selling nearly 50,000 Bitcoins and news of Mt. Gox preparing to repay over $9 billion to creditors.
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