$79M Flows into BTC Spot ETFs as Institutional Adoption Surges

IconCryptoNewsTerminal Staff11 Jul, 2024

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$79M Flows into BTC Spot ETFs as Institutional Adoption Surges

US bitcoin spot exchange-traded funds (ETFs) saw a record $79 million in net inflows on July 11 (local time), extending a five-day streak of positive inflows, according to data from TradeT. BlackRock's iBIT fund led the charge, attracting $72.4 million in net inflows. Fidelity's FBTC also saw solid inflows, with $32.7 million. Meanwhile, Grayscale's GBTC, a pioneer in the space, experienced net outflows of $37.7 million, highlighting the changing dynamics within the bitcoin ETF landscape. These inflows suggest growing institutional demand for bitcoin, as these ETFs provide a regulated and transparent way to gain exposure to the cryptocurrency. BlackRock's entry into the market with iBIT has likely played a significant role in attracting institutional investors. As regulatory frameworks surrounding cryptocurrencies continue to evolve and more options become available, it is likely that this institutional adoption will continue to drive the growth of bitcoin spot ETFs and the overall crypto market.

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