On July 17, BlackRock’s Bitcoin ETF, known as IBIT, recorded the highest inflow in a single day, bringing in a total of $110.37 million.
By Chimamanda U. Martha
Edited by Julia Sakovich
Updated
3 mins read
The Bitcoin spot exchange-traded funds (ETFs) in the United States have continued to see positive inflows, with over $53 million entering the market on July 17.
According to data from blockchain analytics firm SoSo Value, this marks the ninth consecutive day of positive inflow since the start of July when Bitcoin (BTC) dropped below the $58,000 level.
For clarity, an ETF is a type of investment fund that is traded on stock exchanges, much like stocks. The Bitcoin Spot ETF, in particular, allows investors to buy and sell shares that represent actual Bitcoin holdings. This provides a convenient way for people to invest in Bitcoin without needing to buy and store the crypto asset themselves. These investment vehicles entered the US market in January 2024. As of Wednesday, investors within the country purchased a total of 815.22 Bitcoins from various issuers licensed to offer these products by the US Securities and Exchange Commission (SEC).
These issuers include Grayscale Investments, BlackRock, Fidelity Investment, WisdomTree, and Ark Invest.
On July 17, BlackRock’s Bitcoin ETF, known as IBIT, recorded the highest inflow in a single day, bringing in a total of $110.37 million. The crypto investment product has continued to outperform other funds in terms of daily inflow, with the ETF recording over $260.23 million in inflows the previous day.
BlackRock’s IBIT currently has a total historical net inflow of $18.75 billion since the product launched in January. As part of the perks of being a top player in the Bitcoin ETFs landscape, the investment giant has seen its assets under management (AUM) grow to $10.6 trillion in 2024.
As a result of this achievement, the company’s CEO has even changed his views on Bitcoin, now seeing the crypto asset as a viable investment opportunity.
With IBIT topping the chart among the 11 Bitcoin ETFs offered in the United States, Fidelity’s FBTC recorded the second-best daily inflow on July 17. According to public data from SoSoValue, the investment product brought $2.83 million into the market yesterday, with its total historical data now standing at nearly $10 billion.
While both IBIT and FBTC recorded massive daily inflows on Wednesday, Grayscale’s GBTC went in the opposite direction, seeing around $53.8 million in outflow.
Other Bitcoin ETFs, like Bitwise’s BITB, also recorded a significant outflow of $6 million.
Despite these movements, some of the 11 Bitcoin ETFs offered in the US market were neutral, with zero interactions from investors in the past 24 hours.
These products include Ark Invest’s ARKB, Invesco and Galaxy Digital’s BTCO, VanEck’s HODL, Valkyrie’s BRRR, WisdomTree’s BTCW, and Hashdex’s DEFI, which all recorded zero inflows or outflows yesterday. This brings the total net asset value of Bitcoin spot ETFs to $58.15 billion as of July 17. The historical cumulative net inflow of all the Bitcoin ETFs has reached $16.59 billion.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Chimamanda is a crypto enthusiast and experienced writer focusing on the dynamic world of cryptocurrencies. She joined the industry in 2019 and has since developed an interest in the emerging economy. She combines her passion for blockchain technology with her love for travel and food, bringing a fresh and engaging perspective to her work.
