Bitcoin ETFs Record Over $422M in Daily Net Inflows as BTC Sees 10% Weekly Gains

Spot Bitcoin exchange-traded funds (ETFs) offered in the United States have seen the highest inflow since June 5.

According to public data from SoSoValue, $422 million entered the market on July 16. This would be the eighth day that investment vehicles would post consecutive inflows.

BlackRock is leading the charge

Investment giant BlackRock led the chart as usual. This time, its IBIT product recorded inflows of $260.23 million with a trading volume of $1.02 billion.

In particular, the company’s Bitcoin ETF business has been a major contributor to its recent record $10.6 trillion worth of assets under management (AUM). Even the company’s CEO has discarded his previous pessimistic view of Bitcoin, seeing it as an investment opportunity.

Fidelity’s FBTC followed the IBIT record with a net inflow of $61.05 million and a trading volume of $255.45 million. Ark Invest’s ARKB and Bitwise’s BITB followed with positive flows worth $29.85 million and $17.34 million, respectively.

While most of the 11 Bitcoin ETF issuers recorded inflows, some saw no net inflows. These are WisdomTree’s BTCW, Hashdex’s DEFI, and Grayscale’s GBTC. Still, cumulative net inflows have grown to $16.53 billion, a substantial increase from their record high a day earlier.

BTC back above $65,000

Steady inflow into the local Bitcoin ETF has positively impacted the price of BTC. Last week, the value of the leading crypto asset fell to $56,700 and remained below $60,000 for most of the past week. This downward trend was strongly driven by the continued sales of BTC from the German government and uncertainty over the distribution of Mt. enjoy As the European country’s BTC storage dwindled, BTC began to recover from its lows.

Today, BTC re-entered the $65,000 price mark. At the time of writing, the largest crypto asset was traded for $65,100, representing a 10.78% increase over the past week.

Interestingly, the cryptocurrency’s weekend breakout came after the failed assassination attempt on US presidential candidate Donald Trump in favor of digital assets.

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