Spot Bitcoin ETFs Reel $300 Million in Inflow, Extends Streak to Seven Consecutive Days of Positive Flows

• 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.