Bitcoin BTC0.42% Bitcoin$BTC was trading at $108,000, lower than this week’s high of $110,000, and 10% above the lowest point this month.
Spot Bitcoin ETFs continued their strong performance this week, with their cumulative inflows soaring by $769 million. That’s down from $2.2 billion the previous week. The weekly decline is partially due to the fact that this week had four U.S. trading days, in observance of Independence Day — a federal holiday in the United States.
These ETFs have experienced cumulative inflows of $49 billion, indicating that they may surpass the $50 billion mark next week. BlackRock’s iShares Bitcoin Trust, whose ticker is IBIT, has had cumulative inflows of $52.6 billion.
IBIT now holds over $76.5 billion in assets, making it one of the biggest ETFs in the United States. It ranks in eighth position among all BlackRock ETFs as it recently passed the iShares Core S&P Total US Stock Market ETF and the iShares Russell 2000 ETF.
Observers note that the fund is likely to reach the $80 billion milestone soon.
IBIT has been the fastest-growing ETF ever and is continuing to close the gap with the SPDR Gold Trust, which has $101 billion in assets. GLD was established in 2004.
