The United States has seen a surge in interest in spot Bitcoin ETFs, with a total of $17 billion in net inflows since January. This indicates that institutional investors have a strong belief in the potential for Bitcoin to generate wealth.
Among the 11 spot Bitcoin ETFs available in the US, BlackRock’s IBIT fund has emerged as a clear favorite, attracting a total of $18.968 billion since its launch. Fidelity’s FBTC fund is not far behind, with impressive net inflows of $9.962 billion. On the other hand, Grayscale’s GBTC has experienced significant outflows, totaling over $18 billion since its inception.
BlackRock’s dominance in the US spot Bitcoin ETF market has led the firm to consider integrating Bitcoin into its mainstream portfolios. The growing interest from investors has also prompted BlackRock to increase its Bitcoin holdings, recently acquiring 4,004 BTC, bringing its total holdings to over $20 billion.
The latest data shows that BlackRock’s IBIT fund continues to attract significant inflows, with Monday’s net inflows reaching over $523 million. This marks one of the largest single-day inflows since the fund’s launch and the highest since March. As a result, BlackRock’s IBIT fund now boasts a total of around $22 billion in net inflows as of July 22, equivalent to approximately 33,000 BTC.
Despite ongoing challenges such as the Mt. Gox repayments and creditors looking to sell their assets, Bitcoin remains a hot commodity. The upcoming Bitcoin Conference in Nashville on July 25, where former President Trump is expected to address the crypto community, has generated excitement. Many anticipate that Trump may pledge to make Bitcoin a strategic reserve asset, a move that could drive Bitcoin prices higher in a frenzy of activity.