The world’s largest asset manager, BlackRock, attracted $329 million in inflows on Oct. 21 for its spot Bitcoin exchange-traded fund (ETF). iShares Bitcoin Trust’s large daily inflow took place alongside a tumble in the Bitcoin price following a failed challenge of the $70,000 level.
IBIT Sees $1.5 Billion In Net Inflows In Just Six Days
The 12 spot Bitcoin ETFs in the U.S. registered total net inflows of $294.3 million on Monday, exceeding the positive flows that continued over the past week.
The inflows were led by BlackRock’s IBIT, which recorded $329 million in inflows yesterday, according to data from Farside Investors. Notably, a whopping $1.5 billion of fresh capital went into the fund in the last six days.
Becoming comical now…
iShares Bitcoin ETF has taken in *$1.5bil* over past 6 trading days.
That $1.5bil alone would make it a top 5 launch of 2024 (out of 570 ETFs).
But of course… it’s taken in a total of *$23bil* since January.
Are there really still naysayers out there? https://t.co/UjBGugg0Zx
— Nate Geraci (@NateGeraci) October 22, 2024
The Fidelity Wise Origin Bitcoin Fund (FBTC) was the only other U.S.-listed spot Bitcoin ETF to post an inflow of $5.9 million. In contrast, others fell out of investor favor, posting zero or negative flows.
According to Bloomberg’s senior ETF analyst, Eric Balchunas, IBIT recorded the third-biggest ETF inflows in 2024, surpassing Vanguard and BlackRock’s S&P 500 index funds.
Cumulatively, total net inflows for Bitcoin ETFs have reached $21.3 billion. And that’s even accounting for the $20.05 billion that has exited from Grayscale’s GBTC, Farside numbers show.
Bitcoin Dips
Bitcoin hit a new all-time high of nearly $74K just two months after the U.S. Securities and Exchange Commission (SEC) greenlighted 10 spot Bitcoin exchange-traded funds in January after a decade of rejections.
Notably, investors and traders in the United States feel more bullish that a Donald Trump presidency is likely. The former President and Republican presidential nominee is taking another shot at the Oval Office — and is passionately pro-crypto. His rival Kamala Harris has been much slower in embracing the crypto sector.
Bitcoin briefly peeped above the elusive $69,000 mark on Monday before swiftly falling below $67,000. The alpha crypto has since slightly recovered, hovering at $67,162 as of press time, representing a 1.7% drop on a 24-hour basis.
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