As a seasoned crypto investor with several years of experience in this volatile market, I have seen my fair share of price swings and market trends. The recent inflow of funds into Bitcoin ETFs, led by industry giants like BlackRock, is a clear sign that institutional investors are increasingly recognizing the potential of Bitcoin as a legitimate investment asset.
Since June 5th, US-listed Bitcoin exchange-traded funds (ETFs) have experienced the greatest influx of investments.
Based on the publicly available information from SoSoValue, I found that a total of $422 million was injected into the market on the 16th of July. This marked the eighth successive day where these investment vehicles recorded inflows.
BlackRock Leads the Charge
BlackRock once again took the top spot in investments, bringing in $260.23 million for its IBIT product during this period. The trading activity for this product amounted to a significant volume of $1.02 billion.
Significantly, the Bitcoin ETF segment within the company has been a major driver of its current all-time high in assets, amounting to $10.6 trillion. The CEO himself has shifted his stance on Bitcoin, now viewing it as a viable investment option.
Fidelity’s FBTC saw a net inflow of $61.05 million and recorded trading volume of $255.45 million, lagging behind IBIT’s record-breaking figure. Meanwhile, Ark Invest’s ARKB and Bitwise’s BITB reported positive inflows amounting to $29.85 million and $17.34 million respectively.
Among the 11 Bitcoin ETF providers, some experienced no new investments, including WisdomTree’s BTCW, Hashdex’s DEFI, and Grayscale’s GBTC. However, the total net investment reached an impressive $16.53 billion, significantly higher than the previous day’s mark.
BTC Back Above $65K
The Bitcoin ETF’s consistent influx has boosted Bitcoin’s price. Last week, Bitcoin’s value plummeted as low as $56,700 and stayed below $60,000 for the most part. This slide was mainly fueled by the German government’s persistent Bitcoin sales and the lingering doubts about the Mt. Gox distribution. As Germany’s Bitcoin hoard decreased, Bitcoin started to rebound from its depths.
As a crypto investor, I’m thrilled to share that Bitcoin (BTC) has recently regained the $65,000 mark. At this moment, BTC is priced at an impressive $65,100, which translates to a 10.78% price hike over the past week.
It’s intriguing that the cryptocurrency experienced a breakthrough over the weekend following the unsuccessful assassination attempt against the US presidential candidate known for his support of digital assets – Donald Trump.
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2024-07-17 13:19