On Monday, BlackRock’s Bitcoin exchange-traded fund saw its biggest daily inflows in more than 35 days. The iShares Bitcoin Trust (IBIT) received a net inflow of $224 million.
NEW: 🇺🇸 While others are selling, BlackRock is selling. #Bitcoin The exchange-traded fund saw inflows of $224 yesterday.
Highest level in over a month 🚀 pic.twitter.com/sCiSGhKzCp
— Bitcoin Magazine (@BitcoinMagazine) August 27, 2024
The massive capital injection comes as bitcoin has pulled back slightly from its recent rally. It highlights continued strong demand for IBIT amid mixed inflows to other spot bitcoin ETFs. IBIT accounted for the bulk of total inflows into U.S. spot bitcoin ETFs on Monday, which totaled $202 million, the highest inflow to IBIT since July 22.
Other Bitcoin ETFs saw mixed results. Franklin Templeton and Wisdom Tree’s Bitcoin ETFs added about $5 million each. However, Fidelity’s Bitcoin ETF saw outflows of $8 million, while Bitwise and VanEck recorded outflows of more than $15 million.
The diverse performance reflects the diverse investor perspectives and strategies in the emerging Bitcoin ETF space. However, inflows into IBIT and other select funds extended the overall inflow streak to eight consecutive days.
With net inflows of over $20 billion, IBIT has cemented its position as the dominant Bitcoin ETF. BlackRock now holds over 350,000 Bitcoins worth nearly $22 billion in the fund.
The asset manager recently added IBIT shares to itsGlobal Strategic Bond FundWhich confirms its confidence. As mainstream adoption grows, BlackRock’s Bitcoin ETF is positioned to see steady inflows.
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