Key Takeaways
- BlackRock’s Bitcoin ETF gathers $260M in a single day.
- Total net inflows for U.S. spot Bitcoin ETFs reach $422.5M.
- Bitcoin’s price rises to $65,470, up 13.1% over the last week.
United States spot Bitcoin ETFs saw an impressive net inflow of $422.5 million on July 16, marking their strongest trading day in over a month.
BlackRock’s iShares Bitcoin Trust led the charge, amassing $260 million in net inflows, which accounted for more than half of the day’s total. This event marked the eighth consecutive day of positive net inflows for U.S. spot Bitcoin ETFs.
The Fidelity Wise Origin Bitcoin Fund recorded the second-highest inflows at $61.1 million, followed by the ARK 21Shares Bitcoin ETF with $29.8 million. VanEck and Invesco Galaxy Bitcoin ETFs also reported inflows exceeding $20 million, while ETFs from Grayscale, Hashdex, and WisdomTree did not register any inflows.
BlackRock’s Bitcoin holdings surged back above $20 billion following the latest purchase of 4,004 Bitcoins, coupled with a 3% price increase in Bitcoin since the close of trading on Monday. The fund first surpassed $20 billion in assets under management in late May when Bitcoin was approaching $70,000, making it the world’s largest Bitcoin ETF.
Nate Geraci, president of The ETF Store, celebrated BlackRock’s milestone and criticized the notion that only “degen retail” investors would buy Bitcoin products.
This surge comes just days after BlackRock CEO Larry Fink referred to Bitcoin as a “legitimate” financial instrument capable of protecting against currency debasement. Currently, Bitcoin is priced at $65,470, up 13.1% over the past week, rebounding from a near five-month low of $53,600 on July 5.
