Significant Inflows to BlackRock’s IBIT ETF
BlackRock’s IBIT Bitcoin ETF has attracted over $300 million in inflows over the last two days, taking advantage of the current dip in Bitcoin prices. On July 9, the ETF saw a 2.49% increase in share price, marking a recovery from last month’s decline.
BlackRock’s IBIT Acquires 2134 BTC
On Tuesday, July 9, spot Bitcoin ETFs recorded inflows of $214 million, with BlackRock’s IBIT leading the pack. The BlackRock Bitcoin ETF IBIT reported $121 million in inflows yesterday, adding 2134 BTC to its holdings. The previous day saw even larger inflows of $187 million, acquiring over 3,300 Bitcoins as the price of BTC dropped to $53,500 on Monday.
The recent inflows indicate that Bitcoin ETFs are absorbing much of the selling pressure from recent sales by the German government. Total inflows in US BTC ETFs have reached a three-week high. As BTC prices fall, long-term holders view this as an opportunity to purchase more Bitcoin at a lower price.
This week, BlackRock’s IBIT has outpaced other spot Bitcoin ETFs in the US regarding net inflows. On July 9, BTC ETFs saw a total net inflow of $216 million. BlackRock’s IBIT ETF led with a single-day net inflow of $121 million, followed by Fidelity’s FBTC ETF with $90.95 million. In contrast, Grayscale’s GBTC ETF faced a single-day outflow of $37.5 million.
Bitcoin ETF Shares Rebound
US BTC ETFs are capitalizing on the recent BTC price drop. Despite the price decline to a four-month low earlier this week, strong inflows have sparked a partial recovery in Bitcoin ETF share prices, which have increased by 2-5% in the last two days. On Tuesday, the iShares Bitcoin Trust (NASDAQ: IBIT) surged by 2.49%, reaching 32.96.
While IBIT shares are trading at a 17% discount monthly, they have achieved 23.77% gains year-to-date. Other spot BTC ETFs in the US have experienced similar recoveries.
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