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BlackRock's IBIT rakes in $527 million as Bitcoin ETFs notch 12th day of inflows

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Net inflows into Bitcoin ETFs are increasing and independent of Bitcoin's price fluctuations, said Bloomberg ETF analyst Eric Balchunas.

BlackRock's IBIT rakes in $526 million as Bitcoin ETFs notch 12th day of inflows

Key Takeaways

  • BlackRock's Bitcoin ETF drew $526.7 million in net inflows on Monday.
  • IBIT's market cap exceeds $22 billion, and it has outperformed the Nasdaq ETF in terms of inflows this year.

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BlackRock’s iShares Bitcoin Trust (IBIT) attracted $526.7 million in net inflows on July 22 as investors’ appetite for spot Bitcoin funds continued to grow. The group of ten spot Bitcoin ETFs (excluding Bitwise’s BITB) just secured its twelfth straight day of gains, collectively drawing in nearly $534 million in inflows, according to data from SoSoValue.

(Note: BITB’s Monday flows are not included as there was no update observed at the time of reporting. We will update the data as we learn more).

The Fidelity Wise Origin Bitcoin Fund (FBTC) took second place with $23.7 million in inflows, followed by the Invesco Galaxy Bitcoin ETF (BTCO) with $13.7 million.

The Franklin Bitcoin ETF (EZBC) reported inflows of $7.9 million while the ARK 21Shares, Valkyrie, Grayscale, Hashdex, and WisdomTree-issued spot Bitcoin ETFs saw zero flows.

In contrast, the VanEck Bitcoin ETF (HODL) was the only fund to report losses as investors pulled out almost $38.4 million on Monday.

With Monday’s gain, IBIT’s market cap now surpasses $22 billion. According to crypto analyst Quinten François, IBIT has outperformed the Nasdaq ETF in terms of inflows this year, ranking fourth among over 3,000 US ETFs.

US spot Bitcoin ETFs have collectively captured over $2 billion over the past two weeks. These funds have also notched $17 billion in year-to-date net inflows, according to Bloomberg ETF analyst Eric Balchunas.

Balchunas noted that the net inflows are not influenced by Bitcoin’s price appreciation. The net flow figure can decrease if demand wanes, but currently, it is increasing, indicating growing interest and investment in Bitcoin ETFs.

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