In the last three days, inflows into all 11 spot Bitcoin ETFs have surpassed $1 billion, reaching a total of $17 billion since their launch earlier this year. According to Coinglass, July 16th saw a notable spike with $420 million flowing into Bitcoin ETFs, marking a six-week high.
Leading the charge in inflows, BlackRock’s ETF IBIT attracted over $200 million on Tuesday, while Fidelity’s FTBC gathered $61 million on the same day.
These significant inflows coincide with developments in the cryptocurrency landscape, including the commencement of crypto distributions by the infamous Mt. Gox exchange to its victims. Approximately one-third of Bitcoin distributions have now been completed. Concerns over a potential supply overhang, coupled with the German government’s sale of billions of dollars worth of Bitcoin, pushed prices down to around $53,500 on July 5th.
Since then, Bitcoin has staged a recovery of 23%, bolstered in part by the robust inflows into ETFs. Additionally, former President Trump’s endorsement of Ohio Senator J.D. Vance as his Vice Presidential pick has resonated positively within the crypto community. Sen. Vance is recognized as a prominent advocate for cryptocurrencies, publicly disclosing his ownership of at least $100,000 worth of Bitcoin in 2022.
Sen. Vance has also been vocal in his criticism of SEC Chair Gary Gensler’s regulatory stance on crypto. In a video from February 2024, he sharply contrasted his approach with Gensler’s, labeling him as a contender for the “worst person” in the Biden administration concerning crypto regulation.
Related Topics:
