BlackRock’s IBIT Records Massive Inflow of $260 Million as Bitcoin ETFs Record Eighth Day of Inflows
BlackRock's iShares Bitcoin Trust (IBIT) emerged among the best-performing US Spot ETFs on July 16, recording $260 million in inflows. IBIT's inflows accounted for over half of the total net inflows into the eight spot BTC ETFs on the day.
Moreover, July 16 marked the eighth consecutive day of positive inflows for the ETFs, reaching $422.5 million, the highest since June 5, according to data from Farside Investors.
Bitcoin ETFs Record Massive Inflows Retaining Positive StreakFidelity's Wise Origin Bitcoin Fund was second on the list, with an inflow of $61.1 million, while Ark 21Shares came third with $29.8 million. VanEck Bitcoin ETF and Invesco Galaxy Bitcoin ETF recorded inflows above $20 million. However, Grayscale, WisdomTree, and Hashdex did not register inflows.
These Spot Bitcoin ETF inflows confirm positive investor sentiment in the market after a downtrend early in July. BlackRock's holdings are now worth over $20 billion, thanks toits latest purchase of 4,004 Bitcoin and BTC's price recovery.
iShares Bitcoin ETF now over $20bil in assets & taking in a quarter bil on a random Tuesday...
*$20bil*.
*6mos* after launch.
I think we can safely put the degen retail" narrative to bed.
Advisors & inst'l investors clearly showing up to this party. https://t.co/FkkBUlPHQz
- Nate Geraci (@NateGeraci) July 17, 2024
The President of the ETF store, Nate Geraci, commented on the value of iShares Bitcoin holdings rising above $20 billion. He noted that IBIT achieved this just six months after the ETF launch. Geraci also believes that institutional investors played a major role in IBIT's surge in value.
Meanwhile, in an interview with CNBC, BlackRock's CEO Larry Fink referred to Bitcoin as a legitimate financial instrument. Fink believes Bitcoin can shield investors from currency devaluation and reward them with massive returns.
BTC's price is $65,059, up 2%in the past 24 hours. The flagship cryptocurrency has shown remarkable resilience in bouncing back from the German Government's massive sale of BTC coins.
Also, as expected, the Mt. Gox repayments have not negatively affected Bitcoin's price, as it remains in an uptrend and approaches $66,000.
VanEck Set to Launch BTC ETN Exposure for French Retirement Saving PlansAmid the positive ETF inflow streak, Bitcoin ETF issuer VanEck has partnered with asset manager Inter Invest. The partnership will focus on launching Bitcoin exposure in French retirement savings.
VanEck and Inter Invest partnered to launch the first #Bitcoin ETN called $VBTC for French pension plans - regulated #Bitcoin investment in retirement savings is starting. @vaneck_us making moves.https://t.co/hNhtavGlOU
- MartyParty (@martypartymusic) July 16, 2024
VanEck's Bitcoin Exchange Traded Note (ETN) VBTC will be available as part of the retirement package for French investors. The VBTC ETN, with a total value of $407 million, will provide French Pension Savings Plan (PER) participants easy access to digital assets.
Commenting on the development,Martijn Rozemuller, CEO of VanEck Europe, said Bitcoin is an innovative long-term asset. He noted that BTC's current price volatility is typical ofemerging assets.
Also, Rozemuller believes the ETN enables investors to gain exposure to Bitcoin through a regulated and easily accessible product.
In addition, Jean-Baptiste de Pascal, Inter Invest's deputy CEO, noted that the partnership aligns with the company's strategy of offering innovative digital assets.
According to Pascal, including crypto assets in the retirement saving plan responds to the growing market demand for diversification.
This partnership confirms the rising relevance of Bitcoin and its affiliated products in different regions worldwide. Bitcoin's positive price actionwill likely attract more investors in the coming weeks, resulting in further price increases.
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