To mark an important event, U.S. Bitcoin spot exchange-traded funds (ETFs) have received over $17 billion in net entries, which is a new high.
According to data from Farside Investors, BlackRock’s IBIT, which raised $18.968 billion, was a key part of this success. With net deposits of $9.962 billion, Fidelity’s FBTC also made a significant distinction.
Grayscale’s GBTC, on the other hand, saw a substantial overall loss of $18.694 billion, which shows that investors’ tastes have changed. The 11 U.S. spot Bitcoin ETFs saw a net inflow of $53.35 million on July 17. This was the ninth day in a row that they saw an inflow.
This number, however, was a lot less than the $422 million net intake seen on July 16. BlackRock’s IBIT continued to be the market leader, with the highest net inflows of the day at $110.37 million and a trading volume of $1.21 billion.
Bitcoin ETF Trade Volume
There were no other funds with net inflows on July 17. Only Fidelity’s FBTC had $2.83 million added to it. On the other hand, $53.86 million and $6 million were taken out of Grayscale’s GBTC and Bitwise’s BITB, respectively. Seven other funds, like ARK Invest and 21Shares’ ARKB, said they had no funds coming in or going out that day.
On July 17, the overall trade volume for U.S. spot Bitcoin funds was $1.79 billion. This is a significant drop from March, when daily trade volumes were over $8 billion. Before hitting the current record high, these ETFs had received a net inflow of $16.59 billion since they began trading in January. This shows that investors have been steadily interested, even though the daily inflows have been fluctuating.
This record-breaking influx shows that Bitcoin is becoming more accepted and a part of regular people’s business plans. BlackRock’s Bitcoin shares have grown to more than $20 billion. This is because the company recently bought 4,004 more Bitcoin, and the price of BTC has gone up by 3% since Monday when the market closed.
The fund first had more than $20 billion in assets under control in late May, at the same time that Bitcoin’s price quickly rose to $70,000, making it the biggest Bitcoin exchange-traded fund in the world.
Bitcoin’s price is now $66,994, up 2.33 percent from $65,470 on July 17. On July 5, it hit a low point that was close to five months ago, at $53,600.
