Bitcoin ETFs Keep Flowing Green as BlackRock Drives Streak Into Week Two

• BlackRock’s BTC ETF has seen almost $21 billion in cumulative net inflows.
• Bitcoin ETFs have seen cumulative net inflows of over $18 billion.
• The price of BTC is up 3.3% in the past seven days.

U.S. spot Bitcoin (BTC) exchange-traded funds (ETFs) are on a roll as they reach day eight of consecutive net inflows amid an overall market recovery.

Bitcoin ETFs

As per data from SoSoValue, Bitcoin ETFs have bagged  $202.51 million on day eight of their renewed inflow streak.

Steaming ahead of the competition, BlackRock’s iShares Bitcoin Trust (IBIT) secured a whopping $224.06 million, raising the funds’ cumulative net inflows to $20.93 billion.

Surprisingly, the Franklin Templeton Digital Holdings Trust (EZBC) is in second place, having captured a modest $5.52 million in net inflows. This raises the funds’ cumulative net inflows to $394.95 million, ranking it seventh amongst its competitors.

Finally, the WisdomTree Bitcoin Trust (BTCW) posted $5.06 million in net inflows. Though this may seem insignificant, BTCW has seen some of the lowest inflow rates of any fund and netted most of its cumulative net total in early Aug. when it secured just over $118 million to its fund.

It’s also a rather significant day as now BTC ETFs have seen cumulative net inflows of $18.08 billion. This raises the total net assets to a whopping $58.47 billion, almost 5% of Bitcoin’s market cap.

Outflows Up Top

In a peculiar turn of events, some of the best-performing Bitcoin ETFs have recorded relatively small outflows. To begin with, the Bitwise Bitcoin ETF posted $16.61 million in outflows from its fund, which has seen over $2 billion in cumulative net inflows since launching.

Similarly, the Fidelity Wise Origin Bitcoin Fund (FBTC) saw a small outflow of $8.33 million. FBTC is the second-best performing fund with $9.88 billion in cumulative net inflows. Finally, the VanEck Bitcoin ETF (HODL) saw its first days of outflows in almost a month, shedding $7.18 million from its fund.

Bitcoin (BTC) Price

Over the weekend, the crypto king BTC  showed markets that it has plenty of fight left in it and made a significant break past the $60,000 resistance level.

Pushing up towards $65,000, BTC bulls briefly held the price above $64,000. However, Monday’s traders were seemingly eager to offload at this price, and BTC has since receded back to around $62,800.

About the Author

Eddie Mitchell

Eddie has been writing news and content primarily for crypto news and industry players over the past seven years. With an eye for the bigger picture, Eddie prefers to investigate the broader implications of a story, as well as explore the weird and wonderful world of crypto. He believes blockchain has already changed the world, but observes the space overall with a skeptical and adoring eye.

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