Bitcoin ETFs Records Over $422M in Daily Net Inflow, As BTC Sees 10% Weekly Gains
The spot Bitcoin exchange-traded funds (ETFs) offered in the United States have recorded the highest inflow since June 5th.
According to public data from SoSoValue, $422 million entered the market on July 16th. This would be the eighth day the investment vehicles would record consecutive inflows.
BlackRock Leads the Charge
Investment giant BlackRock led the chart as usual. This time, its IBIT product saw $260.23 million in inflows with a trading volume of $1.02 billion.
Notably, the company’s Bitcoin ETF business has contributed mainly to its recent record high in assets under management (AUM) worth $10.6 trillion. Even the firm’s CEO has discarded his previous pessimistic view of Bitcoin, regarding it as an investment opportunity.
Fidelity’s FBTC trailed IBIT’s record with a $61.05 million net inflow and a trading volume of $255.45 million. Ark Invest’s ARKB and Bitwise’s BITB followed with positive flows worth $29.85 million and $17.34 million, respectively.
While most of the 11 Bitcoin ETF issuers recorded inflows, some saw no net inflow. These are WisdomTree’s BTCW, Hashdex’s DEFI, and Grayscale’s GBTC. Still, the cumulative net inflow has grown to $16.53 billion, a substantial increase from its record a day earlier.
BTC Back Above $65K
The steady inflow into the spot Bitcoin ETF has positively impacted BTC’s price. Last week, the leading crypto asset’s value dropped to as low as $56,700 and remained below $60,000 for most of last week. This downtrend was heavily driven by the German government’s continuous BTC sales and the uncertainty about the Mt. Gox distribution. As the European country’s BTC stash reduced, BTC began to recover from its lows.
Today, BTC reentered the $65,000 price mark. At the time of writing, the biggest crypto asset sold for $65,100, representing a 10.78% increase within the past week.
Interestingly, the cryptocurrency’s weekend breakout came after the failed assassination attempt against the pro-digital asset US presidential candidate – Donald Trump.
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