In an unprecedented achievement, US Bitcoin spot exchange-traded funds (ETFs) have collectively garnered over $17 billion in net inflows, setting a historic benchmark.

According to analytics from Farside Investors, the bulk of these inflows were spearheaded by BlackRock’s IBIT, amassing an impressive $18.968 billion. Fidelity’s FBTC also made a substantial contribution with net inflows of $9.962 billion.

Unprecedented Net Inflows

In stark contrast, Grayscale’s GBTC witnessed a significant net outflow of $18.694 billion, signaling a notable shift in investor sentiment. On Wednesday, July 17, the eleven US spot Bitcoin ETFs recorded an aggregate daily net inflow of $53.35 million, marking the ninth consecutive day of positive inflows.

However, this figure was notably lower than the $422 million net inflow observed on Tuesday, July 16. Despite this, BlackRock’s IBIT remained at the forefront, registering the highest net inflows of the day at $110.37 million, alongside a trading volume of $1.21 billion. Fidelity’s FBTC was the only other fund to report net inflows on July 17, adding $2.83 million. In contrast, Grayscale’s GBTC and Bitwise’s BITB faced net outflows of $53.86 million and $6 million, respectively. Seven other funds, including ARK Invest and 21Shares’ ARKB, reported zero flows for the day.

The total trade volume for US spot Bitcoin funds on July 17 was $1.79 billion, a substantial decrease from March’s peak when daily volumes exceeded $8 billion. Prior to the current record high, these ETFs had amassed a total net inflow of $16.59 billion since their inception in January, showcasing consistent investor interest despite variations in daily inflows.

BlackRock’s Strategic Bitcoin Investment

This record-setting inflow underscores the growing acceptance and integration of Bitcoin into mainstream investment portfolios. BlackRock’s Bitcoin holdings have surged above $20 billion in value, bolstered by the firm’s recent acquisition of 4,004 additional Bitcoin and a 3% increase in Bitcoin’s price. The fund initially surpassed $20 billion in assets under management in late May, coinciding with Bitcoin’s rapid ascent toward $70,000, earning it the distinction of being the most prominent Bitcoin holder.

Bitcoin is currently priced at $66,994, a 2.33% increase from $65,470 on July 17, after it had fallen to a near five-month low of $53,600 on July 5.