US Spot Bitcoin ETFs Continue Strong Inflows, Led by BlackRock

US spot bitcoin ETFs extended their winning streak, seeing $301 million in inflows on Monday, with BlackRock’s IBIT leading the pack as bitcoin gains legitimacy.

US spot bitcoin exchange-traded funds (ETFs) showcased unwavering investor confidence on Monday, attracting a net inflow of $301 million. This marks the seventh consecutive day of positive flows for these funds.

BlackRock’s IBIT, the industry leader in terms of net asset value, dominated the inflow landscape with $117.25 million. Its trading volume also surged to $1.24 billion, solidifying its position as the most actively traded bitcoin ETF. Close behind was the Ark Invest and 21Shares’ ARKB, which garnered $117.19 million in net inflows.

Other notable contributors to the inflow surge included Fidelity’s FBTC ($36.15 million), Bitwise’s BITB ($15.24 million), and funds from VanEck, Invesco, Galaxy Digital, and Franklin Templeton. However, Grayscale’s GBTC, along with ETFs from Valkyrie, WisdomTree, and Hashdex, reported zero net flows.

Despite the overall positive trend, trading volume for US spot bitcoin ETFs remained below March’s peak, when it exceeded $8 billion on multiple occasions. Nonetheless, the ETFs have collectively amassed a substantial $16.11 billion in net inflows since their January launch.

The bitcoin price rallied, surpassing the $64,000 mark, buoyed by BlackRock CEO Larry Fink’s endorsement of bitcoin as a “legitimate financial instrument.” Fink’s acknowledgment marked a shift from his previously skeptical stance on the cryptocurrency.

As the bitcoin ETF market gains momentum, anticipation builds for the launch of spot ether ETFs on July 23, as confirmed by sources from two US issuers.

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