Key Points
- US spot Bitcoin ETFs have reached $16 billion in net flows in six months, surpassing Bloomberg analysts’ predictions.
- BlackRock’s iShares Bitcoin Trust leads the BTC ETFs with over $20 billion in assets and $18.6 billion in net flows.
The US spot Bitcoin [BTC] ETFs (exchange-traded funds) have outperformed expectations, achieving $16 billion in net flows within a six-month period. This achievement has surpassed estimates by Bloomberg analysts, who projected $12–$15 billion in net flows over a year.
Performance of Bitcoin ETFs
The recent recovery of BTC, surpassing $60K, has seen a resurgence of inflows into the ETFs. Bloomberg ETF analyst, Eric Balchunas, noted that the products were advancing after netting +$300 million on 15th July and approximately $1 billion on a weekly adjusted basis.
BlackRock Leading the Pack
BlackRock’s iShares Bitcoin Trust (IBIT) has shown significant growth, netting $260 million in net flows and reaching $1 billion in daily trading volume value. Data from Soso Value indicates that BlackRock is the best performing BTC ETF, with $20.9 billion in assets. In terms of net flows, BlackRock also leads with $18.6 billion, followed by Fidelity at $9.8 billion.
Meanwhile, Mt. Gox has transferred a significant amount of BTC to Kraken for repayments to victims, causing some concern following last week’s German BTC dump. Nonetheless, most market analysts suggest that Mt. Gox’s distribution is “overestimated,” particularly considering the probable launch of the U.S. spot Ethereum ETFs next week.
As for the price charts, BTC remains bullish, trading at $65.4K but hitting key resistance and breaker block area. A convincing move above this could trigger a retest of the range-high at $71K. Glassnode’s founders shared a similar bullish outlook, albeit with caution if negative news impacts the market.
