Due to record inflows into Bitcoin exchange-traded funds (ETFs), which witnessed $422.5 million in investments, the price of bitcoin shot up to an unprecedented $66,000. The price of Bitcoin has just increased above $66,000, almost 10% within the week, solidifying its position as the leading cryptocurrency.
The increasing confidence among investors and the wider recognition of Bitcoin as a valid asset class is primarily responsible for this bullish trend. Available records from Farside Investors, as published on the Crypto News platform, show that iShares Bitcoin Trust by BlackRock made the top traders, contributing $260 million in inflows.
This was followed by Fidelity Wise Origin Bitcoin Fund, which recorded $61.1 million, making it the second-most-performing United States spot for Bitcoin ETF issuers. ARK 21Shares was the third on the list with $29.8 million in inflow. The VanEck Bitcoin ETF and Invesco Galaxy Bitcoin ETF also saw inflows above $20 million.
Market Watcher’s Warns Investors, Invesco Galaxy and VanEck Records Inflows
Cryptocurrency analyst Mark Andrews said, “While the recent surge is encouraging, investors should remain cautious.” He further explained that the price of cryptocurrencies can change drastically and is intrinsically unstable. The ETF Store president, Nate Geraci, has expressed excitement over the development and hails BlackRock’s latest achievement.
The president also criticised the claim that allowed the “degen retail” investors to buy its Bitcoin products. The newest achievement aligns with BlackRock’s CEO’s comment that Bitcoin is the future of any economy and a fitting financial tool to shield currency debasement.
Invesco Galaxy and VanEck spot Bitcoin ETFs also recorded investment inflow worth over $20 million each. Spot Bitcoin ETF issuers that closed negatively include Hashdex, WisdomTree, and Grayscale, which thus recorded zero inflows.
BlackRock Emerge Top Spot Bitcoin ETF Issuers in the World
As of press time, BlackRock’s Bitcoin holdings are now valued at over $20 billion after its 4,004 Bitcoin acquisition, including a 3% increase it had recorded after the closing hours on Monday. The company announced that its funds had exceeded the Assets Under Management (AUM) in May when the price of Bitcoin reached $70,000, making it the world’s biggest spot Bitcoin ETF issuer.
The Bitcoin had failed to reach $53,600 on July 5. Some factors caused the price drop, the major ones being the increase in the United States spot Bitcoin ETF inflows, followed by the German government’s sale of almost 50,000 BTC. Another was the move by Mt. Gox to commerce its $9 billion repayment program to its creditors.
In contrast, spot Bitcoin ETFs issued by Grayscale, Hashdex, and WisdomTree failed to register any inflows. BlackRock’s Bitcoin holdings are now valued above $20 billion following its latest acquisition of 4,004 Bitcoin and a 3% price increase since trading hours closed on Monday. The fund surpassed $20 billion in assets under management in late May, when Bitcoin approached $70,000, making it the world’s largest Bitcoin ETF.
CryptoQuant CEO Speaks, Dormant Wallets Received 85,000 BTC
The Bitcoin whales have also been proactive in accumulating reasonable amounts of Bitcoin. According to data by CryptoQuant on the 15th of July, the wallet with the biggest accumulating addresses has over 10,800 BTC, valued at $656.64 million.
The CryptoQuant Ki Young Ju CEO took his X handle to share his thoughts on market behaviour. According to Young, custodial wallets without any sign of outflow in the last 30 days received 85,000 BTC. He said that while some traders and investors engaged in panic selling, others took advantage of it to buy. Over the previous weekend, Bitcoin increased by 11.2%, trading at $65,340.
Eric Balchunas, an analyst with Bloomberg ETF, had reported that the Securities and Exchange Commission (SEC) had slated 16th of July for interested issuers to send in the last phase of their S-1 filings. Balchunas says he expects the SEC to approve the qualified S-1 forms by July 22 to commence trading on July 23 officially.