BlackRock’s IBIT Raises Another 2,134 BTC, Bitcoin ETF Inflows Continue – Btc News

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Jul 16, 2023

BlackRock’s IBIT Raises Another 2,134 BTC, Bitcoin ETF Inflows Continue

US spot Bitcoin ETFs are once again in the spotlight, with inflows accelerating recently. On Tuesday, July 9, spot Bitcoin ETFs recorded $214 million in inflows, led by BlackRock’s IBIT.

BlackRock’s IBIT Raises 2134 BTC

Yesterday, the BlackRock Bitcoin ETF IBIT recorded an inflow of $121 million and collected a total of 2134 BTC. While BlackRock IBIT stood at a massive $187 million a day before inflows, it managed to collect 3,300 Bitcoins as the BTC price dropped to as low as $53,500 early Monday.

This clearly shows that Bitcoin ETFs have absorbed most of the selling pressure from the recent German government sell-off. Currently, total inflows into US BTC ETFs have reached a 3-week high. With the BTC price falling to new lows, long-term Bitcoin ETF holders see this as a great opportunity to accumulate more at a discounted price.

???? BlackRock bought 2134 BTC ($121 million)!

IBIT owners thank Germany for the discount ????

— Julian Driver (@Julian__Fahrer) July 9, 2024
So far this week, BlackRock’s IBIT is leading all other spot Bitcoin ETFs in the U.S. in terms of net inflows. On July 9, BTC ETFs saw a total of $216 million in net inflows. BlackRock’s IBIT ETF led the way with $121 million in net inflows in a single day. Fidelity’s FBTC ETF followed with $90.9503 million in net inflows. In contrast, Grayscale’s GBTC ETF saw $37.4956 million in outflows in a single day.

Also Read: BlackRock and Grayscale Bitcoin ETF Receive Investment from Iowa Bank

Bitcoin ETF Shares on the Recovery Path

US BTC ETFs are making the most of the opportunity amid the recent decline in BTC price. The share price of spot ETFs is feeling the pressure after the BTC price fell to a four-month low earlier this week.

However, with the resumption of strong inflows, the Bitcoin ETF share price is showing a partial recovery, up 2-5% in the last two days. On Tuesday, iShares Bitcoin Trust (NASDAQ: IBIT) rose 2.49% to 32.96.

IBIT shares are trading at a 17% discount on the monthly chart but are still trading at a 23.77% gain year-to-date. Share prices of other spot BTC ETFs in the U.S. have also seen a similar recovery.

Also Read: Singapore Exchange Withdraws Bitcoin and Crypto ETF Listings

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Bhushan is a FinTech enthusiast and has a good grasp of financial markets. His interest in economics and finance draws his attention to the emerging Blockchain Technology and Cryptocurrency markets. He is a constant learner and motivates himself by sharing the knowledge he acquires. In his spare time, he reads thrillers and sometimes explores his culinary skills.

The content presented may include the author’s personal opinion and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.


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