Bitcoin
Spot Bitcoin (BTC) ETF Inflows Surpass $17 Billion After Monday’s Surge
Lifetime net inflows into U.S. spot bitcoin exchange-traded funds surpassed $16 billion on Monday as investors have lately been buyers in both bull and bear markets.
Funds added another $300 million yesterday, marking the seventh consecutive day of global net inflows, according to data from Farside Investors.
The bulk of the money was invested in BlackRock’s iShares Bitcoin Trust (IBIT), which raised $117.2 million. Currently with $18.4 billion in assets under management, IBIT looks set to soon cross the $20 billion mark, while Fidelity’s Wise Origin Bitcoin Fund (FBTC) is approaching the $10 billion AUM threshold.
The strong inflows came as bitcoin rebounded sharply from the $50,000 area it had been stuck in since earlier this month when Germany sell of 50,000 BTC combined with Mt. Gox Refunds to crash the market.
Bitcoin (BTC) at the time of publication, it was trading at $64,600, up about 13% from levels seen on Friday afternoon.
This long streak of ETF inflows is particularly notable as it began alongside bitcoin’s early July plunge, with net additions ranging from $140 million to $300 million per day. The move contrasts with the ideas of some bears in the space who have argued that much of the ETF interest was hot money that would dump funds at the first sign of price trouble.
The flows also come as the issuers of a potential spot ether ETF prepare to submit their final documents to the U.S. Securities and Exchange Commission (SEC). who signaled that the funds could hit the market as early as Tuesday, July 23.