BlackRock\'s Bitcoin ETF Attracts $260M, Marking the Largest Single-Day Inflow Since June 5
- WBOYOriginal
- 2024-07-17 21:40:411121browse
This marks the eighth consecutive day of positive net inflows for U.S. spot Bitcoin ETFs, with a total of $422.5 million, making it the best day since June 5
BlackRock's iShares Bitcoin Trust (NYSE: BITO) led the inflows among U.S. spot Bitcoin ETFs on Friday, attracting over $260 million out of the total $422.5 million that entered the products on the day.
The inflows on Friday, July 16, were the highest for the spot Bitcoin ETFs since June 5, according to data from Farside Investors.
The inflows also marked the eighth consecutive day of inflows into the ETFs.
BlackRock's Bitcoin holdings were valued at over $20 billion on Friday, up from about $19.5 billion on Monday.
The holdings increased by about 4,004 Bitcoin during the period.
Bitcoin also rose by about 3% since Monday's trading hours.
The iShares Bitcoin Trust is now the world's largest Bitcoin ETF, having first crossed the $20 billion mark in late May when Bitcoin was trading in the $60,000s.
The second-highest inflows on Friday were into the Fidelity Wise Origin Bitcoin Fund (NASDAQ: FBTC) at $61.1 million, followed by the ARK 21Shares Bitcoin ETF (NYSE: ARKB) at $29.8 million.
Both the VanEck and Invesco Galaxy Bitcoin ETFs also saw over $20 million in inflows.
Among the other spot Bitcoin ETFs, Grayscale, Hashdex, and WisdomTree did not report any inflows on Friday.
BlackRock's recent entry into the Bitcoin market has attracted attention, with some skepticism remaining.
However, Nate Geraci, president of The ETF Store, highlighted BlackRock's achievement in the domain.
“BlackRock had a good week. They're now up to about 20,000 Bitcoin in their holdings, which is really impressive,” Geraci said, adding that the inflows are a testament to the growing institutional interest in Bitcoin.
“This really puts a nail in the coffin of the narrative that only degen retail buys Bitcoin products,” he said.
The development comes two days after BlackRock CEO Larry Fink called Bitcoin a “legitimate” financial instrument that can protect against currency debasement.
The comments were made during an interview with the Financial Times.
Bitcoin was trading at $65,470 by press time on Friday, up 13.1% in the past week from a low of $53,600 on July 5.
The recent price movements were influenced by concerns over Germany's sale of nearly 50,000 Bitcoins and Mt. Gox's $9 billion creditor repayment plan.
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