BlackRock’s IBIT led the inflow, taking in $526.7 million on Monday to complete the market’s twelve-day inflow streak.
As Monday concluded, United States Spot Bitcoin Exchange-Traded Funds (ETF) experienced a record-breaking inflow, the highest in the past 33 market days. BlackRock also achieved a significant milestone, recording its largest inflow day since March. Despite these massive ETF inflows, the Bitcoin price remains within the same range.
The Crypto ETF market continues to mature, especially with the recent approval of the Ethereum ETF by the U.S. Securities and Exchange Commission (SEC).
U.S. Bitcoin ETFs Immerse $533.6M Inflows
According to data from Farside Investors, U.S. Spot Bitcoin ETFs recorded a $533.6 million inflow on Monday, its highest since the second half of the year. Significantly, only four of the U.S.-approved ETFs recorded inflows. Four were dormant, while one recorded minimal outflows.
Blackrock’s IBIT led the market day, taking in $526.7 million to mark its highest inflow since March. Since Spot Bitcoin ETF approval in January, BlackRock has only recorded one day of outflows with only a few days of dormancy. In the last 11 market days, IBIT has taken in $1.755 billion.
Fidelity’s FBTC, which inflowed $23.7 million, seconded IBIT on Monday. Invesco Galaxy Bitcoin ETF, BTCO, and Franklin Bitcoin ETF EZBC took in $13.7 and $7.9 million, respectively. Only VanEck Bitcoin Trust, HODL, recorded an outflow, selling off $38.4 million. The other ETFs didn’t record any movement on their product.
Bitcoin Price Movement
Bitcoin ETFs have experienced massive inflows over the last few weeks as investor confidence in the crypto market grows. However, Bitcoin’s price has not significantly increased.
As investors purchased more BTC, the German government did not hold onto the seized bitcoins. Germany sold out all of its bitcoins in huge quantities, spreading the sale over a long period, instilling fear in a few investors, and preventing the market from moving upwards.
However, with the increasing chances of Donald Trump becoming the new President of the United States, the crypto market is set to recover. His approval of crypto has gained him the support of the crypto community. Following his rival, Joe Biden’s withdrawal announcement, bitcoin jumped in price. At press time, BTC stands above the $66,000 mark.
Concluding Monday, the U.S SEC approved nine Ether ETFs to trade on America’s stock exchanges. Bloomberg ETF Analyst Eric Balchunas revealed that the ETFs recorded $112.9 million trading Volume within the first 15 minutes after it started trading on Tuesday morning.