BlackRock’s iShares Bitcoin Trust (IBIT) has now amassed over $18 billion in Bitcoin (BTC) holdings as inflows into the ETF continue to surge.
Data from Farside Investors reveals that spot BTC ETFs received $216.4 million in inflows on Tuesday, marking the third consecutive day of positive inflows. The total inflow into these ETFs has now reached $15.2 billion.
Specifically, IBIT recorded $121 million in inflows on July 9, propelling its total market capitalization to $18.04 billion. Notably, the ETF experienced a single day of net outflows totaling $36.9 million on May 1.
GBTC Not As Successful
In contrast, Grayscale Bitcoin Trust (GBTC) saw $37.5 million in net outflows during the same period. Despite this, GBTC attracted $25.1 million in inflows on July 8, contributing to a bullish start to the week across the market.
Since its launch in the U.S., GBTC has witnessed net outflows exceeding $18.6 billion. Bitwise Bitcoin ETF (BITB) also faced negative sentiment with $4.7 million in outflows.
On a positive note, Fidelity Wise Origin Bitcoin Fund (FBTC), ARK 21Shares Bitcoin ETF (ARKB), and VanEck Bitcoin Trust (HODL) collectively received $91 million, $43.3 million, and $3.3 million in net inflows, respectively.
While Tuesday’s inflows were slightly lower than Monday’s $295 million, they contributed to sustaining bullish sentiment within the crypto market.
Bottom Line: As a result, Bitcoin reached an intraday high of $59,400, marking its highest level in a week. Currently, the flagship cryptocurrency is trading at $59,000.
