US spot Bitcoin exchange-traded funds (ETFs) posted the eighth consecutive day of inflows on July 16 as Bitcoin price continues on a steady uptrend.
On Tuesday, inflows to spot Bitcoin ETFs hit $422 million, according to SoSOValue data, the highest level recorded since June 5. Inflows to these products have continued since last week, bringing the total net assets to nearly $60 billion.
These inflows have coincided with a recovery in Bitcoin prices and an increased accumulation by whales and large investors. These large inflows also come despite concerns around the Mt.Gox Rehabilitation trustee dumping coins in the market.
Spot Bitcoin ETF Inflows Hit $422M
The BlackRock iShares Bitcoin Trust posted the highest inflows at $260 million. The IBIT ETF continues outperforming the other products, accounting for over half of all the net inflows to spot Bitcoin ETFs on July 16.
BlackRock’s IBIT ETF now has $20 billion in net assets. The growth comes barely a day after the company’s CEO, Larry Fink, touted Bitcoin as a legitimate financial asset.
The President of ETF STore, Nate Geraci, praised BlackRock’s $20 billion milestone, proving that Bitcoin was not just an investment for retail traders. Instead, investment advisors and institutions continued to accumulate.
Fidelity came in second with net inflows at $61 million. BlackRock and Fidelity, two Wall Street giants, continue to beat crypto-native companies in the amount of ETF inflows. The two have also filed with the US securities regulator for spot Ether ETFs.
The ARK 21Shares Bitcoin ETF accumulated $29 million in inflows on July 16, while the VanEck Bitcoin ETF saw $22 million. Bitwise and Invesco Galaxy also saw inflows of $17 million and $20 million respectively.
The Grayscale Bitcoin Trust registered an outflow of $18 million. Despite a bullish sentiment across the broader cryptocurrency market, this product continues to see outflows.
Bitcoin Rebounds
The increasing inflows into spot Bitcoin ETFs come as the price of Bitcoin rebounds. The king of cryptos has sustained a steady uptrend this week amid positive news around US politics.
Republican Presidential candidate Donald Trump recently appointed JD Vance as his Vice President. Vance is a major crypto supporter, and his nomination has added to Trump’s efforts to woo cryptocurrency investors.
According to analyst @CryptoMichNL on X, Bitcoin investors continue to invest in ETFs as the price holds steady at $65K. He noted that inflows to spot Bitcoin ETFs were at the highest since June. If this trend continues, BTC could be headed to $100,000.
Bitcoin has recovered by more than 10% over the past week. This recovery comes as the supply overhang from the German government’s selling activity wanes. The Bitcoin Fear and Greed Index has also switched to greed after plunging below 30 as market optimism takes over.
