The inflows into spot BTC ETFs have been very volatile throughout the month of August so far with net inflows turning slightly positive this week due to BlackRock’s IBIT.
Despite the market volatility and macro developments, the spot Bitcoin ETFs in the US registered the sixth consecutive day of inflow on Thursday, with BlackRock’s IBIT leading the show.
On August 22, the net inflows into spot Bitcoin ETFs stood at $64.8 million as per the data from Farside investors. The Grayscale Bitcoin ETF GBTC saw $28 million compensated largely by BlackRock’s IBIT’s $75.5 million in inflows. BlackRock Bitcoin ETF IBIT has benefitted largely due to Grayscale’s high management fee for its GBTC product. In just 6-7 months, it has managed to swallow a large chunk of GBTC’s Bitcoin holdings.
Grayscale's $GBTC vs BlackRock's $IBIT 👇 # of Bitcoin Held pic.twitter.com/atHRHCmH0l
— HODL15Capital 🇺🇸 (@HODL15Capital) August 22, 2024
The total inflows into BlackRock Bitcoin ETF since launch have now crossed $20.6 billion. On the other hand, the GBTC outflows have also surged to $19.6 billion. Thus, the share price of BlackRock’s iShares Bitcoin Trust ETF (NASDAQ: IBIT) is also up 29% since its launch in January.
On Thursday, other spot ETFs for Bitcoin saw minor inflows. Fidelity’s FBTC saw inflows at $9.23 million while Ark and 21Shares’ ARKB attracted $7.83 million. On the other hand, Bitwise’s BITB recorded outflows of $11.5 million.
Also, the total trading volume for the 12 spot Bitcoin ETFs was $889.67 million, a notable decrease of 40% from the $1.42 billion recorded on Wednesday.
Hong Kong Bitcoin ETFs in Action
On Thursday, the largest Bitcoin ETF – ChinaAMC – purchased a total of 247 Bitcoin thereby triggering the buying activity once again. As of August 22, the net assets under management for the Hong Kong Bitcoin ETF have surged to $306 million.
Hong Kong 🇭🇰 Bitcoin ETFs hold $306 million $BTC as of 8/22/24 👇 pic.twitter.com/imyHH3k70S
— HODL15Capital 🇺🇸 (@HODL15Capital) August 22, 2024
On the other hand, Australia’s Monochrome Bitcoin ETF has also kept stacking BTC and now holds more than 120 BTC worth.
Will Bitcoin ETF Inflows Trigger Bitcoin Rally?
The inflows into spot BTC ETFs have been very volatile throughout the month of August so far. With the six consecutive days of inflows, the net flows have just turned slightly positive without having much impact on BTC price so far.
Recently, the Bitcoin price movement has largely been dependent on the macro developments in the global market. As of press time, bulls are holding BTC price above $61,000. If they manage to defend this level, it can lead to a further price surge. However, on-chain data shows Bitcoin demand growth has turned negative in recent times.
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