U.S. Bitcoin ETFs Establish 12-Day Inflow Streak with $526 Million from BlackRock, BTC Returns to $68,200 Range
The latest Bitcoin ETF session continued its streak with 12 consecutive days of positive inflows.
U.S. Bitcoin ETFs establish 12-day inflow streak with $526 million from BlackRock, BTC returns to $68,200 range. Photo: Bloomberg
According to data from Farside Investors, 11 U.S.-based Bitcoin ETFs recorded $533.6 million in inflows on the trading session of 22/07 (U.S. time).
Money flow statistics for U.S. Bitcoin ETFs. Source: Farside Investors (23/07/2024)
Among them, BlackRock's IBIT alone received $526.7 million. Following behind were Fidelity's FBTC with $23.7 million, WisdomTree's BTCO with $13.7 million, and Franklin Templeton's EZBC with $7.9 million inflows. Only VanEck's HODL saw outflows of $38.4 million.
Bitcoin ETFs had a successful opening trading session for the new week, extending their consecutive inflow streak to 12 days. Maintaining this momentum could potentially surpass the record 19-day inflow streak from late May to early June.
From the beginning of July until now, U.S. Bitcoin ETFs have attracted $2.4 billion in net purchases. Last week alone contributed $1.24 billion in inflows.
The influx of funds into these products has increased the total Bitcoin holdings of the ETFs to a record of over 906,000 BTC, equivalent to $61 billion, representing 4.3% of the king coin's total supply.
BTC holdings by Bitcoin ETFs as of 19/07/2024. Source: Hey Apollo
Thanks to the leverage provided by Bitcoin ETFs, the price of Bitcoin is visibly recovering. The king coin touched $68,256 early this morning and is currently adjusting slightly back to around $67,634. Its position has decreased by nearly 1% compared to 24 hours ago.
1-hour chart of BTC/USDT pair on Binance at 10:00 AM on July 23, 2024
In other developments, investors are eagerly awaiting the launch of the Ethereum spot ETF trading later today (Vietnam time). The event may occur later than anticipated. Ethereum prices have yet to show a significant response and are hovering around previous levels.
1-hour chart of ETH/USDT pair on Binance at 10:00 AM on July 23, 2024
