BlackRock's IBIT draws $260M as Bitcoin ETFs notch 8th day of inflows

Brayden Lindrea3 hours agoBlackRock"s IBIT draws $260M as Bitcoin ETFs notch 8th day of inflowsUnited States spot Bitcoin ETFs notched $422.5 million of net inflows on Tuesday, marking their strongest trading day in more than a month.4761 Total views40 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksBlackRock’s iShares Bitcoin Trust gathered $260 million from Bitcoin investors on July 16, contributing more than half of all net inflows into spot Bitcoin ETFs on the day. 

It marked the eighth consecutive day of positive net inflows for United States spot Bitcoin (BTC) ETFs, reaching $422.5 million and is the best-performing day since June 5, according to data from Farside Investors.

The Fidelity Wise Origin Bitcoin Fund tallied the second most inflows among US spot Bitcoin ETF issuers at $61.1 million, followed by the ARK 21Shares Bitcoin ETF in third place with $29.8 million.

The VanEck Bitcoin ETF and Invesco Galaxy Bitcoin ETF also saw inflows above $20 million, while the Grayscale, Hashdex and WisdomTree-issued spot Bitcoin ETFs failed to register an inflow.Daily flows into the spot Bitcoin ETFs between July 10–16. Source: Farside Investors

BlackRock’s Bitcoin stash is now valued back above $20 billion following its latest purchase of 4,004 Bitcoin and Bitcoin’s 3% price rise since trading hours closed on Monday.

The fund first exceeded $20 billion in assets under management in late May, when Bitcoin was fast approaching $70,000, making it the world’s largest Bitcoin ETF.

Nate Geraci, president of The ETF Store, praised BlackRock’s newly recovered milestone while slamming that suggested only “degen retail” investors would buy Bitcoin products.

Related:Bitcoin whales set to stack more amid ‘overestimated’ Mt. Gox FUD: AnalystSource: Nate Geraci

It comes two days after BlackRock’s CEO Larry Fink referred to Bitcoin as a “legitimate” financial instrument that can shield against currency debasement.

Bitcoin is currently priced at $65,470 — up 13.1% over the last week after it fell to a near five-month low of $53,600 on July 5.

The price fall was mostly fueled by concerns over the German government selling nearly 50,000 Bitcoins and news that Mt. Gox is finally preparing to repay over $9 billion to creditors.

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