U.S. Bitcoin ETFs See Record $422.67 Million Inflows, Surpassing $1 Billion in Three Days

Jul 17, 2024, 01:41 AM

U.S. spot Bitcoin exchange-traded funds (ETFs) have recorded significant inflows over the past week, marking a notable trend in the cryptocurrency market. On July 15, Bitcoin ETFs saw net inflows of $301 million, followed by $422.67 million on July 16, the largest single-day inflow since early June. This surge in inflows has contributed to a total of over $1 billion in the last three days. BlackRock's iShares Bitcoin Trust (IBIT) led the charge with $260 million in net inflows on July 16. Year-to-date, the total net inflows into Bitcoin ETFs have surpassed $16 billion, exceeding initial estimates of $12-15 billion for the first year. Bitcoin's price surged past $66,000, buoyed by these inflows, but later retreated to $65,000 due to market dynamics, including selling pressure from Mt. Gox and the German government. Despite these fluctuations, the consistent inflows into Bitcoin ETFs indicate strong institutional confidence and a potential bullish trend for the cryptocurrency market. Additionally, the total inflows for the week reached $1.35 billion, highlighting the growing interest in Bitcoin ETFs.