ETFs – Increase in the Inflows
US Bitcoin ETFs are recently on a recovery spree; they saw the ninth consecutive day of inflows on Wednesday, July 17. Collectively, these ETFs have bought large quantities of Bitcoin in the past week to push the BTC price over $65,000.
1 Million BTC Holdings
For the 9 spot Bitcoin ETFs, On Wednesday, there was a total of $53 million recorded in net inflows and this raised the total net inflows of IBIT BlackRock to $110 million. However, net inflows as a sign of stock repatriation fell sharply from more than $ 400 million on Tuesday. Shares in Grayscale’s GBTC, which suffered $57 million worth of outflows, were chiefly to blame for Wednesday’s downdraft. After such inflows, total Bitcoin ETFs’ reserves in the United States exceeded 900,000. Based on the recent increase in inflows to Bitcoins it is possible that the holdings may hit 1 million BTC by the close of the month.
BlackRock’s ibit leading the flows
During the current performance, the cumulative AUM of Bitcoin ETFs has breached $16B for the first time, thanks to the heavy trading, albeit selling off from GBTC ETF since mid-2021. These have been primarily driven via BlackRock’s iShares Physical Beef International Index (IBIT), which has attracted over $1 billion to itself in the last eight trading sessions.
US listed BTC ETFs saw institutional investors pump in more money 80% in the second quarter. If this continues, then the next greatest step is not far away From this perspective, that strategic fact appears very, very large.
ETFs cross the one million mark on the global index
Internationally, the flows into the BTC ETFs have also been high, although the Americans dominate the market. Besides the United States, the finest holder is the Purpose Bitcoin ETF in Canada, who possesses well over 27,000 Bitcoins. Other markets like the Hong Kong one also show high participation, the amount of BTC held exceeding 5,000 BTC in a few months after the platforms’ launch. However, such markets are comparatively less liquid than the US market offer.
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