- No US bitcoin exchange-traded fund (ETF) saw any withdrawals on Monday.
- A 4.5% increase on Monday brought the price of Bitcoin close to $65,000.
Strong investment into Bitcoin exchange-traded funds (ETFs) in the United States helped propel Bitcoin’s price to $65,000 at the start of the third week of July. More than $300 million poured into BTC exchange-traded funds (ETFs) on Monday.
A positive aspect that may indicate reduced long-term volatility for Bitcoin is the fact that spot Bitcoin ETFs have seen solid inflows for seven trading sessions in a row.
Investors Optimistic
No US bitcoin exchange-traded fund (ETF) saw any withdrawals on Monday, while they recorded net inflows of $300.9M. With $117.2 million apiece, Ark Invests ARKB and BlackRock’s IBIT were the top funds receiving capital on Monday.
This is the first time since creation that the combined assets under management of all nine US-based spot Bitcoin ETFs have surpassed $16.1 billion. When looking at the entire AUM, BlackRock is clearly in first place.
Following BlackRock CEO Larry Fink’s recent CNBC appearance, in which he highly recommended Bitcoin investments, these substantial inflows have persisted.
Trading volumes for Bitcoin exchange-traded funds (ETFs) increased dramatically on Monday. Among them, Blackrock’s IBIT had the highest trading volumes at about $1.2 billion, while Fidelity’s FBTC recorded daily trading volumes of over $410 million. Both institutional and retail investors have shown a lot of interest in the Bitcoin ETFs, which provide a regulated method to get into the asset class.
The Bitcoin buying frenzy of the Japanese corporation Metaplanet continued with the purchase of an additional 21.88 BTC, for a total investment of about $1.26 million. A 4.5% increase on Monday brought the price of Bitcoin close to $65,000, coinciding with these developments.
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