- BlackRock’s spot Bitcoin ETF leads with $121.3M inflows, suggesting a potential recovery for the fund.
- Grayscale’s Bitcoin Trust faces $37.5M outflows, highlighting ongoing challenges in the Bitcoin ETF market.
- Bitcoin’s price surges to $59,189.55, up 3.40%, amid market optimism despite recent setbacks.
BlackRock’s spot Bitcoin ETF, IBIT, attracted attention with $121.3 million in inflows and its the highest contributor in the Bitcoin ETFs. This marks another major influx following the $187.2 million inflow reported on July 8 by Farside Investors. This pattern suggests a possible recovery for BlackRock’s ETF, which had been relatively inactive in recent times.
BlackRock and Grayscale
On July 9, 2024, U.S. Bitcoin ETFs experienced a net inflow of $216 million, marking the third consecutive day of gains. BlackRock’s spot Bitcoin ETF led the way with a $121 million boost, while Grayscale’s Bitcoin Trust saw a $37.5 million outflow. The total net assets for Bitcoin ETFs reached $50.79 billion, representing 4.45% of the Bitcoin market cap.
Notable spikes in inflows occurred in early March and late May 2024. Despite fluctuations, the overall trend showed growth in total net assets, reflecting increasing investor participation in Bitcoin spot ETFs. The cumulative net inflow indicates strong market interest.
June proved challenging for Bitcoin ETFs in general, marked by more outflows than inflows. Specifically, spot Bitcoin ETFs recorded nine days of outflows compared to ten days of inflows, with outflow values being significantly higher.
google news
Source: SoSoValue
Market Rebound and Price Surge
The recent bullish trend in spot Bitcoin ETFs aligns with a rise in Bitcoin’s price. Bitcoin rebounded to $59,189.55, showing a 3.40% increase over the past 24 hours. Despite recent setbacks, including miner capitulation, the release of large Bitcoin sums by the German government, and major whale sell-offs, the market sentiment remains optimistic.
Future Prospects and Resistance Levels
Analysts suggest that Bitcoin might reach the $100,000 mark if it can break through the $60,000 resistance level, a milestone it has yet to achieve. The market’s overall optimism contrasts with the challenges faced in the past few months. However, the continued inflows into BlackRock’s ETF could indicate renewed confidence among investors.
Read also
disclaimer read moreCrypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
