Key Points
- BlackRock’s iShares Bitcoin Trust (IBIT) now holds over $18 billion in Bitcoin.
- Spot Bitcoin ETFs recorded $216.4 million in inflows on Tuesday, marking their third consecutive day of inflows.
The iShares Bitcoin Trust (IBIT), managed by BlackRock, now has more than $18 billion in Bitcoin under its management. This comes as the ETF continues to see a surge in inflows.
Spot Bitcoin ETFs See Influx
According to data provided by Farside Investors, Spot Bitcoin ETFs recorded inflows of $216.4 million on Tuesday. This marked the third consecutive day of inflows, bringing the total amount of inflows to $15.2 billion.
The IBIT ETF alone recorded inflows of $121 million on July 9. This influx helped the investment product exceed a total market cap of $18.04 billion. Interestingly, the only day BlackRock’s spot Bitcoin ETF recorded net outflows was on May 1, with a total of $36.9 million.
Other Bitcoin Investment Products
In contrast, the Grayscale Bitcoin Trust (GBTC) logged net outflows of $37.5 million. However, it saw inflows of $25.1 million on July 8, as the week began with a bullish momentum across the market. Since its launch in the U.S., the GBTC ETF has recorded over $18.6 billion in net outflows.
The Bitwise Bitcoin ETF (BITB) also experienced a downward trend with outflows of $4.7 million. Other Bitcoin investment products like the Fidelity Wise Origin Bitcoin Fund (FBTC), ARK 21Shares Bitcoin ETF (ARKB), and VanEck Bitcoin Trust (HODL) logged net inflows of $91 million, $43.3 million, and $3.3 million, respectively.
Although the inflows recorded on the previous day were lower than Monday’s $295 million, they still helped sustain the bullish momentum in the cryptocurrency ecosystem. As a result, Bitcoin reached an intraday high of $59,400 for the first time in a week and is currently trading at $59,200.
