NEW YORK, July 17, 2024 — On Monday, lifetime net inflows into U.S.-based spot Bitcoin exchange-traded funds (ETFs) surpassed $16 billion, reflecting a strong investor appetite in both rising and falling markets. The funds saw an additional $300 million inflow yesterday, marking the seventh consecutive day of net inflows, according to Farside Investors.

A significant portion of these inflows went into BlackRock’s iShares Bitcoin Trust (IBIT), which received $117.2 million. With $18.4 billion in assets under management (AUM), IBIT is on track to soon exceed $20 billion, while Fidelity’s Wise Origin Bitcoin Fund (FBTC) is approaching the $10 billion AUM milestone.

These inflows come as Bitcoin rebounds from a mid-$50,000 range, which was affected earlier this month by Germany’s sale of 50,000 BTC and Mt. Gox repayments that had previously impacted the market. As of now, Bitcoin (BTC) is trading at $64,600, reflecting a 13% increase since late Friday.

This sustained streak of ETF inflows began in early July, coinciding with Bitcoin's price decline, with daily net additions ranging from $140 million to $300 million. This trend challenges the view held by some skeptics who believed that ETF interest would diminish at the first sign of market trouble.

In addition, issuers of a potential spot Ether ETF are preparing to submit their final documents to the U.S. Securities and Exchange Commission (SEC), which has indicated that these funds could be approved and available as early as Tuesday, July 23.