Key highlights:
- US Bitcoin Spot ETFs recorded about $250.9 million in net inflows, led by strong buying in iShares Bitcoin Trust (IBIT).
- Despite the inflows, Bitcoin slipped slightly and traded near $69,800 after briefly moving above the $70,000 mark earlier.
- Institutional accumulation continued as MicroStrategy added nearly 18,000 BTC, while on-chain data also showed a 2,000 BTC withdrawal from Coinbase.
US spot Bitcoin exchange traded funds saw strong inflows, but despite this, the price of $BTC slipped slightly. As per latest data, Bitcoin ETFs drew a combined net inflow of about $250.92 million.
Bitcoin ETF sees Inflows, But $BTC dips
The largest inflow came from BlackRock’s iShares Bitcoin Trust (IBIT), which posted inflows of roughly $1.858 billion. Other funds also recorded positive activity. Fidelity Investments’s Fidelity Wise Origin Bitcoin Fund (FBTC)attracted around $35 million. Bitwise Asset Management’s Bitwise Bitcoin ETF (BITB) added about $16.4 million.
Meanwhile, ARK Invest’s ARK 21Shares Bitcoin ETF (ARKB) brought in roughly $4.1 million. VanEck’s VanEck Bitcoin Trust (HODL) gained about $5.9 million, while Grayscale Investments’s Grayscale Bitcoin Mini Trust saw inflows of around $5.3 million.
However, one fund recorded a small outflow. The Valkyrie Bitcoin Fund (BRRR), managed by Valkyrie Investments, reported withdrawals of roughly $4.1M.
Even with these investment flows, the price of Bitcoin moved slightly lower during the session. The crypto is trading around $69,826, i.e, a decline of roughly 0.24%.
Earlier in the day, Bitcoin had climbed above $70,000 following a 4.2% surge. The brief rally raised expectations among traders that the crypto might extend its upward movement. But, the price later pulled back, and brought the market back below the psychological $70,000 level.
However, chart pattern indicate Bitcoin could still be maintaining upward momentum in the short term. On the daily pattern, the crypto has formed an ascending parallel channel after a sharp correction that occurred earlier this year. This sort of behaviour generally indicates a bullish ongoing trend when the crypto remains within the upper and lower trendlines of the channel. If the price stays within that range, analysts do look to offer prospects of slow picks over the coming sessions.
Conversely, on-chain activity has kept drawing attention from traders. Data collected by Lookonchain showed that a newly created wallet withdrew 2,000 BTC from Coinbase. The transfer happened just minutes before the report surfaced.
At current prices, the transaction carried a value of about $140 million. Large withdrawals from exchanges often attract attention because they reduce the amount of Bitcoin available for immediate trading.
Corporate buying activity has also played a role in supporting the market. The software company MicroStrategy, now widely recognized for its aggressive Bitcoin treasury strategy, disclosed another major purchase.
The firm reported spending roughly $1.28 billion to acquire 17,994 BTC. This purchase lifted its total holdings to approx 738,731 bitcoins.
The scale of this accumulation has been notable. Over the past week alone, MicroStrategy acquired roughly 5 times more Bitcoin than miners produced during the same period.
According to reports, the company has accumulated nearly 66,000 BTC since January. That pace averages more than 6,600 coins per week, while the global mining network produces roughly 3,150 new bitcoins each week.
However, data from Arkham Intelligence revealed that the Royal Government of Bhutan transferred 175 BTC (worth about $11.85 million )on Monday.
Despite these transfers, Bhutan currently controls roughly 5,400 BTC, which are valued at about $374 million at current market prices.
Arkham data indicates that Bhutan typically conducts its Bitcoin sales in recurring transactions ranging between $5 million and $10 million. Similar transfers have appeared periodically in recent months.
Another milestone also drew attention in the broader Bitcoin ecosystem. Brian Armstrong, CEO of Coinbase, noted that the 20 millionth Bitcoin had recently been mined.
Only about one million coins remain to be produced before the network reaches its maximum supply limit of 21 million. Because of the programmed issuance schedule, extracting those final coins could take more than a century.
Following the most recent block reward halving, the network currently produces about 450 new bitcoins each day. The slower pace reinforces the scarcity built into the asset’s design.
Also Read: Solana ETFs Draw $1.5B Inflows Despite 57% Price Drop Since Launch
Source: https://www.cryptonewsz.com/us-bitcoin-etfs-see-250m-inflows-btc-69k/
