Lifetime net inflows into the U.S.-based spot bitcoin exchange-traded funds have surpassed $16 billion, with investors demonstrating a strong appetite for both buying and selling in the market’s fluctuations.
As of the latest data from Farside Investors, the funds received an additional $300 million on Monday, marking the seventh consecutive day of net inflows. The majority of these inflows were directed towards BlackRock’s iShares Bitcoin Trust (IBIT), which attracted $117.2 million. With assets under management (AUM) of $18.4 billion, IBIT is on track to surpass the $20 billion milestone. Fidelity’s Wise Origin Bitcoin Fund (FBTC) is also approaching $10 billion in AUM.
These substantial inflows coincided with a significant rebound in Bitcoin’s price, climbing from the mid-$50,000 range. Earlier this month, market volatility was triggered by Germany’s sale of 50,000 BTC and Mt. Gox repayments, causing a downturn.
Bitcoin (BTC) is currently trading at $64,600, reflecting a 13% increase from the levels observed late last Friday.
The consistent inflows into the ETFs commenced amid Bitcoin’s decline in early July, with daily net additions ranging between $140 million and $300 million. This trend contradicts the skepticism from some market participants who believed the inflows were speculative ‘hot money’ that would exit swiftly in response to price fluctuations.
Furthermore, as interest in Bitcoin ETFs remains strong, issuers are preparing to submit final documents for a potential spot ether ETF to the U.S. Securities and Exchange Commission (SEC). The SEC has indicated the possibility of these funds entering the market as early as Tuesday, July 23.