BlackRock’s bitcoin spot exchange-traded fund, iShares Bitcoin Trust (IBIT), saw a massive $526 million in inflows on Monday, the fund’s biggest daily inflow since March.
New: BlackRock Announcement #Bitcoin The fund has seen inflows of $523 million today.
— Bitcoin Magazine (@BitcoinMagazine) July 22, 2024
On July 22, IBIT attracted nearly $527 million in net inflows, bringing BlackRock’s Bitcoin Fund’s total assets under management to over $22 billion.
Monday’s gain was the seventh-largest daily inflow ever for the IBIT fund in dollar terms. The previous record was set on March 18, when the fund saw $849 million in bitcoin inflows.
Net inflows into U.S. bitcoin exchange-traded funds (ETFs) totaled $530 million on Monday — the highest weekly total in more than seven weeks. The surge signals renewed institutional appetite for bitcoin investment products.
Other bitcoin ETFs, such as Fidelity Wise Origin Bitcoin Trust and Invesco Galaxy Bitcoin ETF, also saw strong inflows. However, BlackRock’s IBIT fund dominated, accounting for more than 98% of total inflows.
Analysts point to improved sentiment toward Bitcoin as a driver of demand for ETFs. President Biden’s recent exit from the 2024 race and the rising odds of a Trump win are seen as potential catalysts.
BlackRock’s Bitcoin ETF continues to do well, cementing its position as the world’s largest Bitcoin fund. The massive inflows reflect the continued and growing institutional demand for regulated Bitcoin investment vehicles.