Bitcoin ETFs continue to attract investors, as they reported a significant net inflow of 630 BTC, equivalent to $42.56 million, on July 26. Leading the way, iShares by Blackrock saw an inflow of 1,093 BTC, totaling $73.8 million. This positive trend showcases the growing interest in Bitcoin ETFs.
On the other hand, Ethereum ETFs experienced substantial outflows. The net outflow for Ethereum ETFs reached 37,044 ETH, amounting to a staggering $120.36 million. Grayscale led the outflows with a significant 97,391 ETH, valued at $316.4 million. These outflows signify a notable shift in investor sentiment towards Ethereum.
In an interesting development, the State of Michigan Retirement System revealed that it owns $6,600,000 worth of Bitcoin ETF as of June 30th, according to an SEC filing. This investment represents around $0.71 of Bitcoin per Michigan resident. With Bitcoin’s value increasing by 8% since June 30th, the state’s investment demonstrates its potential.
This revelation has sparked speculation about the future scale of Michigan’s allocation. Some suggest the possibility of the state increasing its investment to $700 worth of Bitcoin per citizen, indicating their forward-thinking approach.