Key Takeaways
- U.S. Bitcoin ETFs have pulled over $300 million for the second trading day in a row.
- BlackRock’s IBIT fund has drawn over $600 million in the past seven trading days.
- Grayscale’s GBTC has seen lower levels of outflows in recent weeks.
U.S. spot Bitcoin (BTC) exchange-traded funds (ETFs) are on a roll, adding yet another day of positive net inflows.
With seven consecutive days of net inflows, BTC ETFs have drawn over $1 billion since the winning streak began.
Unstoppable Bitcoin ETFs
As per data from Fariside Investors, U.S. spot BTC ETFs drew a huge $300.9 million in net inflows on July 15, 2024, making this the seventh consecutive day of net inflows since July 5.
BlackRock’s iShares Bitcoin Trust (IBIT) and the ARK 21Shares Bitcoin ETF (ARKB) were the biggest winners of the day, both garnering $117.2 million. The Fidelity Wise Origin Bitcoin Fund (FBTC) has also continued to perform well, adding $36.1 million to its balance sheet.
Other winners include the Bitwise Bitcoin ETF (BITB), which drew $7.5 million, and Invesco Galaxy Bitcoin ETF (BTCO), which gained $7.9 million. The Franklin Bitcoin ETF (EZBC) pulled a modest $3.7 million, as did the VanEck Bitcoin Trust (HODL) with $3.6 million.
GBTC Sale Over?
Surprisingly, the Grayscale Bitcoin Trust (GBTC) recorded neutral flows.
Some seem to think that the selling pressure is beginning to die down for GBTC, which, yes, has seen lower volumes of outflows in recent weeks. However, arguably, the consistency of outflows remains troublesome for Grayscale and its clients.
However, throughout the Bitcoin ETF inflow streak, GBTC has only seen two days of positive net inflows totaling approximately $48 million. Since July 5, GBTC saw five days of outflows totaling $111.91 million.
BlackRock Wins Big
Just six months after launching IBIT, BlackRock’s total assets under management (AUM) have hit a new high.
As per BlackRock’s Q2 2024 earnings report published on July 15, 2024, the firm is well above its $10.2 trillion estimate for the second quarter, posting a solid $10.65 trillion in AUM, up 13% year over year.
Speaking to Bloomberg, BlackRock CEO Larry Fink noted:
“Organic growth was driven by private markets, retail active fixed income, and surging flows into our ETFs, which had their best start to a year on record,”
BlackRock’s IBIT has been a huge success. Since launching, the fund has drawn a cumulative net inflow of $18.38 billion. As per data from SoSoValue, IBIT has $20.22 billion in net assets, $3 billion more than its nearest competitor, GBTC, and almost double that of FBTC.
Eddie is a gaming and crypto writer at CCN. Covering the often weird and wonderful world of Web3 with an adoring, but skeptical eye.
Prior to CCN, Eddie has spent the past seven years working his way through the crypto, finance, and technology industry. He began with PR and journalism with Bitcoin PR Buzz and BitcoinNews.com, eventually working his way to become a copywriter with a dozen firms, including the likes of Polkadot before returning to journalism in 2023.
Having studied Radio production and journalism at University in the UK, Eddie spent a few years making podcasts and presenting on a local London radio station as he built up his writing chops.
A lifelong skateboarder, Eddie can often be found at the skatepark or touring the streets looking for something new to try. That, or kicking back playing JRPGs on his original PSP.
