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Qadir AK
Qadir AK
Author
Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
- Jul 10, 2024 08:23 UTC
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Bitcoin Price Rebound? Large Investors Flood US ETFs with $300M!
BlackRock's IBIT ETF is buying Bitcoin despite a recent price dip, suggesting investors see this as a buying opportunity.
There is a significant inflow into US Bitcoin ETFs, totaling $214 million in the past few days, with IBIT leading the way.
Despite a recent price correction, Bitcoin price has rebounded and Bitcoin ETFs are recovering, hinting at a possible bull run.
Are the market jitters finally in the past? BlackRock’s IBIT Bitcoin ETF has been on a buying spree, scooping up over 5,000 BTC in a mere two days. This strategic move capitalizes on the recent dip in BTC prices, showcasing robust investor interest.
Dive deeper to find out what this bold move signals for the future of Bitcoin and whether a bull run is on the horizon.
Is a New BTC Bull Run on the Horizon?
In the last two days alone, BlackRock’s IBIT has witnessed inflows exceeding $300 million. On July 9, IBIT shares climbed 2.49%, bouncing back from last month’s sell-off. Conversely, Grayscale’s GBTC faced $37 million in outflows on the same day. Despite selling pressures from sources like Mt. Gox repayments and a German government entity, institutional investors are viewing this as a prime buying opportunity.
Historically, July has a median return of 9% for the crypto market, and traders are optimistic that this bullish trend will persist.
Significant Inflows for US Spot Bitcoin ETFs
US spot Bitcoin ETFs have recorded substantial inflows, amounting to $214 million, with BlackRock’s IBIT leading the charge. BlackRock’s IBIT registered $121 million in inflows, adding 2,134 BTC in a single day. The day prior, it saw $187 million in inflows, acquiring over 3,300 BTC as prices dipped to $53,500. This marks the highest three-week inflow for US BTC ETFs. Fidelity’s FBTC closely followed with $90.95 million in net inflows, while Grayscale’s GBTC experienced $37.5 million in outflows.
Bitcoin Stands Strong
Despite a 10.92% correction in the previous week, Bitcoin rebounded with a 5.91% surge over three days, currently trading at $59,195. The cumulative net inflow for Bitcoin ETFs stands at $15.27 billion, representing 4.45% of Bitcoin’s market cap. This renewed investor confidence hints at the possibility of a forthcoming bull run for Bitcoin.
Bitcoin ETF Marks a Recovery
Following a recent dip in BTC prices to a four-month low, Bitcoin ETF shares have been recovering, gaining 2-5% in the past two days. On Tuesday, IBIT shares surged 2.49%, reaching 32.96. Despite trading at a 17% discount for the month, IBIT shares have achieved a 23.77% gain year-to-date. Other US spot BTC ETFs have shown similar recovery patterns in share prices.
The cumulative net inflow for Bitcoin has reached $15 billion, displaying strong institutional interest and potential support for Bitcoin’s value amidst market volatility.
Read Also: Early July Bulls Waver: Bitcoin Drops Below $60k, Altcoins Face Negative Funding
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