Bitcoin ETF Records $17 Billion Inflows, Grayscale to Launch Bitcoin Mini-Trust 

In a recent positive development, the United States spot Bitcoin ETFs have recorded a net inflow of more than $17 billion. This has set a new record for the industry, further increasing Bitcoin’s relevance. Data from Farside Investors shows that most inflows were from BlackRock’s IBIT,  which single-handedly gathered $18.968 billion.

This was followed by FBTC from Fidelity, contributing $9.962 billion in net inflows. GBTC by Grayscale had a major net outflow of a little over $18.694 billion, representing a shift of product preference among market investors. The eleven participating United States spot Bitcoin issuers on July 17 recorded $53.35 million in net inflows.

This trend continued for nine consecutive days. This amount is relatively lower compared to its previous $422 million inflow recorded on the 16th of July. Despite this development, BlackRock’s IBIT has continued to top the list, leasing the market with a major net daily inflow of $110.37 million, accumulating a total volume of  $1.21 billion in trading.

Fidelity’s FBTC Records Zero Inflow, Spot ETF Records $1.79 Billion

On a negative note, the FBTC from Fidelity is the only spot Bitcoin ETF fund to report a total inflow on the 17th of July, recording  $2.83 million. However, BITB by Bitwise and Grayscale’s GBTC are facing cumulative outflows of $6 million and $53.86 million, respectively. Seven other fund managers, including ARK 21Shares Bitcoin ETF (ARKB) from 21Shares and ARK Invest, recorded no inflow for the day.

The total volume of trade recorded for the United States spot ETF as of July 17 is  $1.79 billion, which is a major drop from its all-time high in March when its daily trading volume had hit approximately $8 billion. Before its all-time high, these spot ETFs had accumulated a net inflow of $16.59 billion from the day of its launch in January.

This portrayed constant investor interest amid its constant fluctuations in its daily inflows. Bitcoin holdings by BlackRock have drastically increased above $20 billion in trading value, a development linked to the company’s recent acquisition of 4,004 extra Bitcoins and the 3% uptrend in the price of Bitcoin from when the market closed on Monday.

Grayscale Says its Bitcoin Mini Trust Launch to Happen July 31st

BlackRock’s IBIT exceeded $20 billion in Assets Under Management (AUM) towards the end of May. This development coincided with Bitcoin’s sharp price increase to $70,000, ranking it the most globally reputable Bitcoin ETF company.

As of press time, the price of Bitcoin is $66,994, recording a 2.33% drop in price from its initial $65,470 as of July 17. This was after it dropped to $53,600 on the 5th of July after falling to an almost five-month low.

In another news, Grayscale says it is set to launch its Bitcoin Mini Trust, which will be officially rolled out on July 31st. According to the company, it intends to allow Bitcoin investors to get involved in a less expensive entry point Bitcoin investment.

Expected Trust to Bear the  BTC Ticker Marker

The Trust is expected to use the BTC ticker marker, and cost as low as 15 basis points. The timing of this Mini Trust is considered unique because of the anticipated launching of Ethereum and Bitcoin Micro Trust, which are expected to go public by the end of July. This strategic move by Grayscale is considered a competitive stance against other top financial participants like BlackRock, and its likes.

This new price slash in the new anticipated Trust is expected to make it the most expensive investment option in the ETF market. Jocelyn Blake, a market watcher from Coinotag says that the arrival of the Bitcoin Mini Trust on Grayscale marks the beginning of a new financial era in the company.

He added that Grayscale has the propensity to reclaim its original position in the bitcoin investment sector. Meanwhile, industry market watchers have warned that with the introduction of the spot Ethereum ETF, Ethereum has a larger propensity to outperform Bitcoin in the future.