web3.0Bitcoin ETFs: Burkett Financial Shifts to BlackRock's IBIT, Fiduciary Alliance Boosts Holdings
The net inflows for these Bitcoin ETFs is a remarkable feat given their lackluster June performance. On July 10, 2024, the net inflows of Bitcoin ETFs reached $147 million
Bitcoin ETFs net inflows hit $147 million on July 10 Bitcoin ETFs had net inflows of $147 million on July 10, as reported by SpotOnChain, an on-chain analytics firm.
Of the total inflows, Fidelity’s Bitcoin ETF (FBTC) had the highest inflows with $57.8 million on July 10. However, BlackRock’s iShares Bitcoin Trust (IBIT) saw a sharp decrease in inflows, dropping from $121 million to $22.2 million.
On the other hand, Grayscale’s Bitcoin Trust (GBTC) had another day of outflows, amounting to $8.2 million. This marks the second consecutive day of outflows from Grayscale, following outflows of $37.5 million on July 9.
Bitcoin ETFs: Burkett Financial Pivots to BlackRock’s IBIT
In other news, Burkett Financial Services, a leading investment firm, has adjusted its crypto investments, shifting from the ProShares Bitcoin Strategy ETF (BITO) to BlackRock’s IBIT.
According to Burkett Financial’s July 10 SEC filings, the firm now holds 1,168 units of IBIT, valued at $39,876. This marks an increase from the firm’s first-quarter holdings of 602 units, which were worth $24,363.
The filing also shows that Burkett Financial has fully liquidated its position in the ProShares BITO ETF. The firm previously held 630 units of BITO, valued at $20,344.
Fiduciary Alliance Ramps Up Bitcoin ETF Holdings
Similar to Burkett Financial, Fiduciary Alliance LLC has made substantial investments in IBIT during the second quarter of 2024.
A July 10 13-F filing with the US SEC reveals that the firm acquired 188,668 units of IBIT, valued at $6.64 million.
Moreover, Fiduciary Alliance expanded its portfolio by investing $3.48 million in Grayscale’s Bitcoin Trust (GBTC).
Greater institutional investment in spot Bitcoin ETFs would likely contribute to an increase in BTC’s price, as was observed when these ETFs were first launched.
BTC’s value has declined by 13% over the past month and currently trades at $58,397 million, based on data from CoinMarketCap.
The continuous sell-offs by the German government and the recent repayments by Mt. Gox to its creditors have played a role in BTC’s price struggles.
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