$329 Million Net Inflows Recorded By BlackRock Bitcoin ETF
The BlackRock iShares Bitcoin Trust (IBIT) attracted approximately $329 million in new investments on Monday, even as Bitcoin (BTC) dipped under $67,000. With this impressive performance, U.S. spot Bitcoin ETFs have managed to maintain a winning streak for an entire week, with net purchases surpassing $2.5 billion, according to data by Farside Investors.
Just a few months ago, BlackRock officially surpassed Grayscale Investments to become the new top crypto ETF manager, marking a significant change in the investment landscape.
BlackRock Remains Top Choice
On October 21st, the Fidelity Bitcoin Fund (FBTC) also noted gains of about $6 million on Monday. Conversely, rival ETFs by Bitwise, ARK Invest, VanEck, and Grayscale (GBTC) faced redemptions exceeding $40 million, while other ETFs reported no new inflows.
Meanwhile, BlackRock continues to be a favored option for those looking to invest in Bitcoin. Last week alone saw over $1 billion in net capital enter the fund, representing half of the total inflows for U.S. spot Bitcoin ETFs. As stated by Bloomberg ETF analyst Eric Balchunas, IBIT has now secured the third position overall in less than ten months since its launch.
Cautiously Optimistic
According to recent data by BlackRock, the Bitcoin holdings of IBIT were valued at $26.5 billion as of October 18th, 2024. Despite the recent price volatility, ongoing interest in Bitcoin ETFs indicates strong institutional participation, although upcoming U.S. elections and global tensions may affect market stability.
Bitcoin reached a high of $69,500 on Monday before dropping below $67,000. It is currently trading at around $67,400, reflecting a 2% decline in the last 24 hours, as reported by CoinGecko.
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