For the first time since the introduction of bitcoin exchange-traded funds (ETFs) in January 2024, net inflows into these exchange-traded products have broken through to more than $50 billion, according to figures from Farside Investors. At the same time, bitcoin's price reached a new milestone, keeping both investor sentiment and demand unabated.
The data shows that BlackRock's IBIT is the biggest winner, with total inflows of over $53 billion. Fidelity's FBTC came in second with nearly $12.3 billion, while Grayscale's BTC pulled down the average by an outflow of $23.3 billion. Since June 10, a total of $5.65 billion in new capital has flowed into bitcoin ETFs, averaging more than $1 billion per week.
Analysts point out that large companies are increasingly looking at bitcoin as an alternative safe haven. MicroStrategy, now known as Strategy, set the trend several years ago; recently, Japan's MetaPlanet followed suit, adding as much as $239 billion in bitcoin to its own balance sheet last week. According to market observers, this reinforces the belief that bitcoin is becoming part of institutional wealth strategies.
Price response
The hefty inflows have not gone unnoticed in the price: yesterday bitcoin touched $112 000 for the first time. Over the past seven days, the price rose by more than 2 %, while a month ago it remained just below $111 000. At the time of writing, bitcoin is quoting $111 088, and the question is whether this breakthrough will be perpetuated or is just a temporary top.
