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Bitcoin ETF Traders Bought the Dip and Now Are Buying the Rebound as Inflows Topped $300M Monday

Jul 15, 2024
  • Spot bitcoin ETFs now have attracted over $16 billion of inflows since launching in January.
  • The ETFs took in $300 million alone on Monday, continuing a seven-day inflow streak.

As a seasoned crypto investor with a keen eye for market trends, I’ve witnessed the incredible surge of interest in bitcoin exchange-traded funds (ETFs) over the past few months. The recent inflows have been nothing short of remarkable, with a staggering $16 billion poured into these funds since their launch in January.

On Monday, the total amount of money poured into U.S. spot Bitcoin exchange-traded funds reached over $16 billion, with investors demonstrating a consistent buying pattern in all market conditions.

As a researcher analyzing investment data, I discovered that Farside Investors reported an additional $300 million in funds yesterday, making it the seventh straight day with overall net inflows.

The majority of the funds were invested in BlackRock’s iShares Bitcoin Trust (IBIT), totaling $117.2 million. With current assets under management (AUM) amounting to $18.4 billion, IBIT is on the verge of surpassing the $20 billion mark. On the other hand, Fidelity’s Wise Origin Bitcoin Fund (FBTC) is close to managing $10 billion in assets.
Bitcoin experienced a robust rebound from its price stagnation around the mid-$50K mark, which it had been clinging to since earlier this month. This surge was triggered by Germany’s sale of 50,000 BTC and additional repayments from Mt. Gox that disrupted the market.
At the present moment, the price of Bitcoin (BTC) is approximately $64,600, representing a nearly 13% increase compared to its value during the late afternoon hours on Friday.

As a seasoned financial analyst with over two decades of experience in the industry, I’ve witnessed countless market trends come and go. However, the current influx of ETF investments into the crypto space is unlike anything I’ve seen before, especially given its timing alongside bitcoin’s early July price dip.

Potential Ether ETF issuers are preparing to file their final documents with the SEC, which may allow these funds to debut on the market as early as July 23rd.

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2024-07-16 20:08