Exploring the Recent Surge in U.S. Spot Bitcoin ETFs
In recent weeks, U.S.-based spot Bitcoin Exchange-Traded Funds (ETFs) have experienced a remarkable surge, attracting substantial capital investments. This uptick reflects an increasingly positive sentiment towards cryptocurrency within the United States, a trend that has been gaining momentum.
The Impact of Government Policy on Cryptocurrency
A pivotal moment in this trend was when former U.S. President Donald Trump signed the GENIUS Act, the first crypto-centered bill, into law on Friday, July 18. This legislative milestone coincided with a significant boost in the performance of spot Bitcoin ETFs, which continued their streak of positive capital inflows on the same day.
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Bitcoin ETFs Experience Record-Breaking Inflows
According to recent market data, U.S. Bitcoin ETFs reported a daily net inflow of $363.45 million on July 18, marking the 12th consecutive day of positive financial activity for these crypto-linked investment products.
BlackRock’s iShares Bitcoin Trust Leads the Charge
Leading the charge was BlackRock’s iShares Bitcoin Trust (IBIT), which added an impressive $496.75 million in value on that particular Friday. As the largest Bitcoin ETF by assets under management, it continues to demonstrate robust growth, with a portfolio nearing $90 billion.
Other Bitcoin ETFs Join the Rally
WisdomTree’s Bitcoin Trust (BTCW) also recorded a positive inflow, marking its first such activity since a series of withdrawals in March and April. The fund posted a $3.11 million capital inflow, highlighting a resurgence of investor interest.
Additional activity was noted among five other Bitcoin ETFs, including Fidelity Wise Origin Bitcoin Fund (FBTC), Grayscale Bitcoin Trust (GBTC), ARK 21Shares ETF (ARKB), Bitwise Bitcoin ETF (BITB), and VanEck Bitcoin ETF (HODL). Despite experiencing withdrawals totaling $136.42 million, the overall trend remained positive.
Ongoing Positive Performance and Market Trends
Despite these withdrawals, Bitcoin ETFs maintained their streak of 12 consecutive days of net inflows. The crypto-linked products recorded their second consecutive week of inflows exceeding $2 billion, with a $2.39 billion performance over the past week.
Bitcoin Price Achieves New Heights
The robust performance of U.S.-based Bitcoin ETFs coincided with a historic rally in Bitcoin’s price. Over the past week, Bitcoin surged to a new all-time high of $122,800, highlighting the cryptocurrency’s strength in the current market.
As of now, Bitcoin is trading around the $118,000 mark, experiencing minimal fluctuations in the last 24 hours. Data from CoinGecko shows that Bitcoin has appreciated by over 12% in the past month, reinforcing its status as a leading cryptocurrency.
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