Lifetime net inflows into the U.S.-based spot bitcoin exchange-traded funds topped $16 billion on Monday as investors of late have shown themselves to be buyers in both up and down markets.
The funds yesterday added another $300 million, marking the seventh consecutive day of overall net inflows, according to data from Farside Investors.
Most of the money was poured into BlackRock’s iShares Bitcoin Trust (IBIT) which took in $117.2 million. Currently with $18.4 billion in assets under management, IBIT appears poised to soon cross the $20 billion mark, while Fidelity’s Wise Origin Bitcoin Frund (FBTC) is nearing the $10 billion AUM threshold.
The strong inflows came as bitcoin bounced strongly from the mid-$50K area at which it had been stuck in since earlier this month when Germany’s sale of 50,000 BTC combined with Mt. Gox repayments to crash the market.
Bitcoin (BTC) at press time was trading at $64,600, up about 13% from levels seen late Friday afternoon.
This long streak of ETF inflows is particularly notable as it began alongside bitcoin’s early July plunge, with net additions ranging from $140 million to $300 million per day. The action stands in contrast with ideas from a few bears in the space who have contended that much of the ETF interest was hot money that would dump the funds at the first sign of price trouble.
Inflows also come as issuers of a potential spot ether ETF prepare to submit their final documents with the U.S. Securities and Exchanges Commission (SEC) who signaled that the funds could hit the market as soon as Tuesday, July 23.