US Bitcoin ETFs Hit Record with $17B Net Inflows

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US Bitcoin ETFs Hit Record with $17B Net Inflows

YEREVAN (CoinChapter.com) — US Bitcoin spot exchange-traded funds (ETFs) have netted over $17 billion in inflows. This marks a new record for these investment vehicles. BlackRock’s IBIT accumulated $18.968 billion, while Fidelity’s FBTC contributed $9.962 billion.

*Bitcoin spot ETFs’ cumulative net inflows exceeded $17 billion Source: Farside Investors*

On July 17, the 11 US spot Bitcoin ETFs saw a daily net inflow of $53.35 million. This was the ninth consecutive day of positive inflows. Although lower than the $422 million net inflow on July 16, BlackRock’s IBIT led with $110.37 million in net inflows and a trading volume of $1.21 billion.

Grayscale’s GBTC Sees $18.694B Outflow Amid Shifting Investor Trends

Grayscale’s GBTC experienced a net outflow of $18.694 billion. This indicates a shift in investor preferences. Fidelity’s FBTC was the only other fund to report net inflows on July 17, adding $2.83 million. In contrast, Grayscale’s GBTC and Bitwise’s BITB faced net outflows of $53.86 million and $6 million, respectively. Seven other funds, including ARK Invest and 21Shares’ ARKB, reported zero flows for the day.

The total trade volume for US spot Bitcoin funds on July 17 was $1.79 billion, down from March’s peak of over $8 billion. Since their January launch, these ETFs have seen steady investor interest, reflected in the cumulative net inflow of $16.59 billion before this record high.

BlackRock’s Bitcoin Holdings Soar Above $20 Billion Amid Market Rebound

BlackRock’s increasing Bitcoin holdings reflect the cryptocurrency’s acceptance. The firm’s Bitcoin holdings have surged above $20 billion in value. This rise was driven by the recent acquisition of 4,004 additional Bitcoin and a 3% price rise since the market closed on Monday.

The fund surpassed $20 billion in assets under management in late May, coinciding with Bitcoin’s climb towards $70,000. This makes BlackRock’s Bitcoin ETF the largest globally.

Currently, Bitcoin is priced at $67,097.63, showing a 0.71% increase over the last day. The market cap stands at $1,323,757,636,203, up by 0.74%. The 24-hour trading volume is $18,648,453,933, which has decreased by 34.14%. The circulating supply of Bitcoin is 19,728,828 BTC. The cryptocurrency had previously dropped to a near five-month low of $53,600 on July 5 before rebounding.