Key Takeaways:
- BlackRock’s Bitcoin ETF Sees Record Inflows: BlackRock’s iShares Bitcoin Trust (IBIT) saw a $523 million inflow on July 22, the largest since March.
- Spot Ether ETFs Approved: Several spot Ether ETFs were approved for trading in the U.S., expected to attract significant inflows.
- Analysts Predict Bitcoin Surge Amid Political Changes: Analysts anticipate a Bitcoin price boost due to Biden’s withdrawal from the race and potential Trump announcements.
YEREVAN (CoinChapter.com) — BlackRock’s spot Bitcoin exchange-traded fund (ETF), the iShares Bitcoin Trust (IBIT), saw a significant surge in inflows. On July 22, over $523 million entered the fund, marking the largest single-day inflow since March. According to Hey Apollo data, 7,759 Bitcoin (BTC), worth just over $523 million at current prices, were added to IBIT.
This influx raises the total inflows into BlackRock’s fund to 333,000 BTC, equating to approximately $22 billion. Previously, the largest inflow day occurred on March 18, when the fund received $849 million worth of BTC. Additionally, the second-largest day on record happened on March 5, with $788 million in inflows.
Spot Ether ETFs Approved, Expected to Attract Significant Inflows
On the same day as BlackRock’s significant inflow, a series of spot Ether (ETH) ETFs were approved for trading in the United States.
Industry analysts anticipate these Ether ETFs to generate 10% to 20% of the flows that spot Bitcoin ETFs have seen since their launch in January.
Analysts Predict Bitcoin Surge Amid Political Shifts and Trump Announcement Speculation
Several analysts are optimistic about Bitcoin’s short-term prospects. Political developments, such as President Biden dropping out of the presidential race and the increased odds of a Trump victory, contribute to this outlook. Consequently, these events could potentially boost Bitcoin’s price.
Markus Thielen, founder of 10x Research, speculates that Republican nominee Donald Trump might announce something significant about Bitcoin at the upcoming Bitcoin 2024 conference in Nashville. Similarly, Bryan Courchesne, founder of crypto asset management firm DAIM, supports this prediction. He suggests that Trump could declare Bitcoin a strategic reserve asset at the conference.
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