US Bitcoin ETFs See Record $17B in Net Income
In a remarkable achievement, US Bitcoin spot exchange-traded funds (ETFs) set a new record with total revenue of more than $17 billion.
According to data tracked by Farside Investors, net income was mainly driven by BlackRock's IBIT, which alone accumulated $18.968 billion. Fidelity's FBTC contributed significantly with revenue of $9.962 billion.
Record-breaking net income
In contrast, Greyscale's GBTC experienced a high net inflow of $18.694 billion, indicating a volatile preference among investors. In the year On July 17, 11 US spot Bitcoin (BTC) ETFs recorded a combined daily net inflow of $53.35 million, marking the ninth consecutive period of positive inflows.
However, this figure was lower than the net income of $422 million seen on July 16. Despite this, BlackRock continued to lead IBIT, posting the day's most significant net inflow of $110.37 million and trading volume of $1.21 billion.
Fidelity's FBTC was the only fund to report net income on July 17, adding $2.83 million. In contrast, Greyscale's GBTC and Bitwise's BITB faced net inflows of $53.86 million and $6 million, respectively. Seven other funds, including ARK Invest and 21Shares' ARKB, reported zero inflows for the day.
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Total trading volume of U.S. spot Bitcoin funds on July 17 was $1.79 billion, down sharply from March's peak daily volume of more than $8 billion. Prior to the current record high, these ETFs have collected a total of $16.59 billion in net inflows since their launch in January, reflecting steady investor interest despite fluctuations in daily inflows.
Blackrock Bitcoin betting
This record-setting revenue stream highlights the increasing adoption and integration of Bitcoin into mainstream investment portfolios. BlackRock's bitcoin holdings have increased in value by more than $20 billion, driven by the firm's recent acquisition of 4,004 additional bitcoins and a 3% rise in bitcoin prices since the market closed on Monday.
The fund initially surpassed $20 billion in assets under management at the end of May, coinciding with Bitcoin's rapid rise to $70,000, earning it the distinction of being the world's most popular Bitcoin ETF.
Bitcoin fell 2.33% from $65,470 on July 17th to near $53,600 on July 5th.
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