tl;dr
Spot bitcoin ETFs have attracted over $16 billion in inflows since launching in January, with $300 million coming in on Monday, marking a seven-day inflow streak. The majority of the inflows went into BlackRock’s iShares Bitcoin Trust (IBIT), which received $117.2 million. Fidelity’s Wise Origin Bit...
Spot bitcoin ETFs have attracted over $16 billion in inflows since launching in January, with $300 million coming in on Monday, marking a seven-day inflow streak. The majority of the inflows went into BlackRock’s iShares Bitcoin Trust (IBIT), which received $117.2 million. Fidelity’s Wise Origin Bitcoin Fund (FBTC) is nearing the $10 billion mark in assets under management.
The strong inflows coincide with bitcoin's bounce from the mid-$50K range after Germany’s sale of 50,000 BTC and Mt. Gox repayments caused a market crash. Bitcoin is currently trading at $64,600, up about 13% from late Friday levels. This sustained ETF inflow streak began alongside bitcoin's early July plunge, refuting ideas that the interest was hot money that would quickly exit the funds.
Additionally, potential spot ether ETF issuers are preparing to submit final documents to the SEC, signaling the funds could hit the market soon.
Spot bitcoin ETFs now have attracted over $16 billion of inflows since launching in January. The ETFs took in $300 million alone on Monday, continuing a seven-day inflow streak. 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 Fund (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.
More about GameStop Corp
GameStop Corp Technical Analysis Summary
Company: GameStop Corp
Headquarters: Grapevine, Texas
Sector: Trade & Services
Industry: Retail-Computer & Computer Software Stores
Market Cap: 11,819,322,000
Stock Price: 346.63
Dividend Yield: None
P/E Ratio: 0.08
EPS: 16.1
Volatility: 0.0051
Volume: 4,917,500,000
Beta: 8.38
RSI: 0.259
Price Change: -0.287