[2024-07-17] US Spot Bitcoin ETFs Attract $422 Million in Single-Day Inflows

[chmod755]

US Spot Bitcoin ETFs Attract $422 Million in Single-Day Inflows

U.S. spot bitcoin exchange-traded funds (ETFs) attracted $422.67 million in inflows on Tuesday, marking the highest single-day inflow since June 5. Blackrock’s IBIT led the pack, pulling in $260 million and boosting the fund’s BTC holdings to 322,125.41 BTC, worth over $20 billion.

Massive Inflows into U.S. Spot Bitcoin ETFs Highlight Institutional Backing

The spot bitcoin ETFs experienced a notable inflow on Tuesday, amassing a total of $422.67 million. This addition brings the cumulative net inflow from all 11 ETFs, starting on Jan. 11, 2024, to $16.53 billion. Blackrock’s IBIT alone received $260.23 million on June 16, followed by Fidelity’s FBTC with $61.05 million. Since Jan. 11, FBTC has accumulated 177,563.05 BTC, approximately valued at $11.5 billion.

Ark Invest’s and 21shares’ ARKB gathered $29.85 million, Vaneck’s HODL received $22.04 million, and Invesco’s and Galaxy’s BTCO collected $20.54 million. Bitwise’s BITB noted $17.34 million in inflows, while Franklin Templeton’s EZBC brought in $9.42 million. Valkyries’ fund BRRR secured $2.21 million, whereas Grayscale’s GBTC, Wisdomtree’s BTCW, and Hashdex’s DEFI experienced neutral trading days, according to sosovalue.xyz stats.

Approximately $1.76 billion was traded on Tuesday. Since the launch of the spot bitcoin ETFs in January, the funds collectively hold $58.46 billion in BTC. The net asset value (NAV) of all 11 funds represents around 4.58% of bitcoin’s market capitalization. This week’s price increase and the substantial inflow of funds into U.S. spot bitcoin ETFs indicate growing investor confidence and interest in bitcoin as a key asset.

The significant contributions from leading funds like Blackrock’s IBIT and Fidelity’s FBTC underscore strong institutional support and the increasing role of bitcoin ETFs in the broader financial market. Nate Geraci, founder of the ETF Institute, commented on the spot bitcoin inflows observed on Tuesday.

“Ishares Bitcoin ETF now over [$20 billion] in assets [and] taking in a quarter [billion] on a random Tuesday. [$20 billion 6 months] after launch. I think we can safely put the ‘degen retail’ narrative to bed. Advisors [and institutional] investors clearly showing up to this party,” Geraci said on X.

Source: https://news.bitcoin.com/us-spot-bitcoin-etfs-attract-422-million-in-single-day-inflows/

[cr1776]

Let's hope it continues, although it would be preferable to have people custody their own bitcoins.  A Trump victory would be good for bitcoin because he is pro-crypto, perhaps he is not realizing the benefits of a censorship resistant coin.  A Kamala (commie-la) victory could help bitcoin prices since smart people should be protecting themselves from the authoritarian fascists/socialists/communists so should be buying coins.  I'd prefer the pro-crypto side vs the requirement to protect yourself side, of course.