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BlackRock's spot Bitcoin ETF experienced a $523 million inflow on Monday, the largest since March, with the addition of 7,759 Bitcoin to the fund.
Massive Inflow Signals Renewed Investor Confidence
Over $523 million poured into BlackRock's spot Bitcoin ETF on Monday, the largest single day of inflows in the fund in more than four months, per Cointelegraph.
In a post on X on July 23, the co-founder of the iShares Bitcoin Trust (IBIT) presented statistics from Hey Apollo, which shows that 7,759 Bitcoin were acquired by the trust on July 22. At current rates, this amount is worth little more than $523 million.
The entire amount of Bitcoins added to BlackRock's fund since July 22nd is 333,000 BTC or $22 billion at the current pricing.
The amount of money that has flowed into IBIT in US dollars on this day is the seventh highest ever recorded.
Historical Context of Inflows to BlackRock's Fund
On March 18, a total of $849 million worth of Bitcoin was added to the IBIT fund, making it the fund's busiest day ever.
According to investor data from FarSide, the second-biggest day on record was March 5th, when the fund received $788 million.
A group of spot Ethereum ETFs were authorized for trading in the United States on the same day as the monumental day for BlackRock's fund.
Spot Ether ETFs and Bitcoin ETFs
As per experts in the field, spot Ether ETFs are predicted to produce 10% to 20% of the flows experienced by spot Bitcoin ETFs since their January launch.
According to multiple experts who spoke with Cointelegraph on July 21, Bitcoin is expected to have a short- to medium-term upswing in price due to factors such as Biden's last-minute withdrawal from the presidential race and Trump's increased chances of winning the election.
