Bitcoin exchange-traded funds (ETFs) experienced a substantial influx of $18 billion from July 15 to July 19, 2024, capturing the interest of investors and propelling them to unprecedented levels.
On July 16, the market experienced a significant influx of $424 million, making it the highest inflow of the year. The iShares Bitcoin Trust (IBIT) from BlackRock took the lead with $141 million.
Additional notable contributions were made by the Bitwise Bitcoin ETF (BITB) with a total of $44.5 million and VanEck’s HODL with a total of $41.7 million. Grayscale’s GBTC experienced a $20 million increase, suggesting a widespread belief in the future of Bitcoin and a rising interest in Bitcoin ETFs.
FBTC and IBIT, two prominent institutional investors, have emerged as significant participants in the market, drawing substantial investments as a result of their impressive performance and esteemed reputations.
The arrival of significant funds from institutional investors has had a beneficial effect on the market performance of Bitcoin. The price of Bitcoin has surged to $68,080, reflecting a 5% increase in the past 24 hours and a 14% increase over the week.
This indicates a robust correlation between the influx of funds into ETFs and the market performance of Bitcoin. The market prognosis remains bullish, with forecasts suggesting a 10% increase in the worldwide cryptocurrency industry.
