US Bitcoin ETF records $17 billion in net inflows

In a landmark achievement, cumulative inflows into U.S. Bitcoin spot exchange-traded funds (ETFs) have surpassed $17 billion, setting a new record.

According to data monitored by Farside Investors, net inflows were primarily driven by BlackRock’s IBIT, which alone amassed $18.968 billion. Fidelity’s FBTC also contributed significantly, with net inflows of $9.962 billion.

Record net inflow

Conversely, Grayscale’s GBTC experienced a significant net outflow of $18.694 billion, indicating a shift in investor sentiment. On July 17, 11 U.S. spot Bitcoin (BTC) ETFs recorded a combined net inflow of $53.35 million, marking the ninth consecutive day of positive inflows.

However, this figure was significantly lower than the net inflow of $422 million seen on July 16. Nevertheless, BlackRock’s IBIT continued to lead the pack, recording the largest net inflow of the day at $110.37 million and trading volume of $1.21 billion.

Fidelity’s FBTC was the only other fund to report net inflows on July 17, adding $2.83 million. Grayscale’s GBTC and Bitwise’s BITB, on the other hand, faced net outflows of $53.86 million and $6 million, respectively. Seven other funds, including ARK Invest and 21Shares’ ARKB, reported no inflows on the day.

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On July 17, total trading volume in U.S. spot Bitcoin funds was $1.79 billion, down significantly from the March high of over $8 billion in daily volume. Prior to the current high, these ETFs had attracted a total of $16.59 billion in net inflows since their launch in January, reflecting steady investor interest despite fluctuations in daily inflows.

BlackRock’s Bitcoin Betting

This record inflow shows that Bitcoin is increasingly being accepted and integrated into mainstream investment portfolios. BlackRock’s Bitcoin holdings have surged to over $20 billion after the firm recently acquired an additional 4,004 Bitcoins and the Bitcoin price rose 3% since Monday’s close.

The fund surpassed $20 billion in assets under management in late May, coinciding with Bitcoin’s surge toward $70,000, earning it the distinction of being the world’s most popular Bitcoin ETF.

Bitcoin is currently trading at $66,994, down 2.33% from its low of $65,470 on July 17. This is after hitting a five-month low of $53,600 on July 5.

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