Markets
Bitcoin (BTC) ETF inflows top $17 billion after Monday’s surge
Lifetime net inflows into U.S.-based Bitcoin exchange-traded funds (ETFs) surpassed $16 billion on Monday, with investors turning long in both bull and bear markets of late.
The funds added another $300 million yesterday, marking the seventh consecutive day of overall net inflows, according to data from Farside Investors.
Most of the money went into BlackRock’s iShares Bitcoin Trust (IBIT), which raked in $117.2 million. With $18.4 billion in AUM, 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 mid-$50,000 zone it had been stuck in since the start of the month, when Germany sales of 50,000 BTC combined with Mt. Gox Refunds to crash the market.
Bitcoin (BTC) At press time, the stock was trading at $64,600, up about 13% from levels seen Friday afternoon.
This long run of ETF inflows is particularly notable because it began in parallel with bitcoin’s plunge in early July, with net additions ranging from $140 million to $300 million per day. The action contrasts with the views of some industry bears who have argued that much of the interest in ETFs was hot money that would dump funds at the first sign of price distress.
The capital inflows also come as issuers of a potential ether spot ETF prepare to submit final filings to the U.S. Securities and Exchanges Commission (SEC). who reported that the funds could be put on the market as early as Tuesday, July 23.