On July 17, $422.5 million was poured into eleven U.S. spot BTC exchange-traded funds (ETFs), the most money in these funds since June 5. This caused Bitcoin’s price to rise above $66,000. This vast increase shows that institutions are becoming more interested in BTC as the market recovers.
BlackRock’s iShares Bitcoin Trust was the first to do this. On July 16, users bought BTC worth $260 million. According to data from Farside Investors, this big gift made up more than half of the net money that came into spot BTC ETFs that day. It was the eighth day in a row that capital was taken out of U.S. spot Bitcoin ETFs.
Fidelity Smart Start With $61.1 million, the Bitcoin Fund had the second-highest inflows. The ARK 21Shares Bitcoin ETF came in second with $29.8 million. Over $20 million also came into the VanEck and Invesco Galaxy Bitcoin ETF. On the other hand, Spot Bitcoin ETFs from Grayscale, Hashdex, and WisdomTree did not see any inflows.
Bitcoin Boosts BlackRock’s Holdings to $20 Billion Amid Market Surge
BlackRock now has more than $20 billion worth of BTC. This is because it recently bought 4,004 Bitcoin, and its price has increased by 3% since Monday night. After managing more than $20 billion in assets, the fund became the world’s biggest BTC exchange-traded fund (ETF) when BTC got close to $70,000 in late May.
Nate Geraci, president of The ETF Store, praised BlackRock’s achievement, which went against the idea that only “degenerate retail” buyers would buy BTC products. At the same time as this milestone, BlackRock CEO Larry Fink said that Bitcoin was a “legitimate” financial tool that could protect against currency debasement.
Crypto whales have also been busy buying and selling a lot of BTC. On July 15, CryptoQuant data showed that Bitcoin accumulation addresses got about 10,800 BTC, equal to $656.64 million.
Ki Young Ju, CEO of CryptoQuant, talked about X and how BTC users behave. He said that in the last 30 days, 85,000 BTC have been added to custodial wallets, which usually don’t lose money. Ju saw that some people in the market were selling quickly while others jumped at the chance to buy.
The price of BTC has gone up 11.2% in the last week to $65,340. On July 5, it hit a low of $53,600, the lowest level in almost five months. The price drop was caused mainly by worries that the German government might sell almost 50,000 Bitcoins and the news that Mt. Gox plans to return over $9 billion to creditors.
The crypto market also thinks the SEC will soon approve spot Ether ETFs. Many people think that the decision will come before the end of July. Eric Balchunas, an analyst for Bloomberg ETFs, said that the commission told issuers to send their final S-1 forms by July 16. Balchunas thinks the SEC will officially accept the S-1s on July 22 after trading hours end. This will let the spot Ether ETFs begin trading on July 23.
