On Monday, BlackRock’s spot bitcoin exchange-traded fund (ETF) saw its largest single-day inflow in over 35 days. The iShares bitcoin Trust (IBIT) received $224 million in net inflows.
<blockquote class="twitter-tweet”>
NEW: While others sell, BlackRock twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin The ETF saw inflows of $224 yesterday.
The highest in more than a month image.twitter.com/sCiSGhKzCp
— bitcoin Magazine (@BitcoinMagazine) twitter.com/BitcoinMagazine/status/1828353457473896799?ref_src=twsrc%5Etfw”>August 27, 2024
The significant capital injection came as bitcoin pulled back slightly from its recent rally. This highlights the continued strong demand for IBIT amid mixed flows for other spot bitcoin ETFs. IBIT accounted for the bulk of Monday’s total inflows of $202 million into U.S. spot bitcoin ETFs, which was the highest inflow into IBIT since July 22.
Other spot bitcoin ETFs had divergent results. Franklin Templeton and WisdomTree's bitcoin ETFs each added around $5 million. However, Fidelity's bitcoin ETF saw $8 million in outflows, while Bitwise and VanEck saw outflows of more than $15 million.
The mixed performance reflects the diverse perspectives and strategies of investors in the nascent bitcoin ETF space. However, inflows into IBIT and other select funds extended the overall streak of inflows to eight consecutive days.
With over $20 billion in net inflows, IBIT has cemented itself as the dominant spot bitcoin ETF. BlackRock now holds over 350,000 bitcoins worth nearly $22 billion in the fund.
The asset manager has recently added IBIT shares to its portfolio.x.com/BitcoinMagazine/status/1828155799673225709″>Global Strategic Bond Fund tsunderscoring its confidence. As mainstream adoption increases, BlackRock’s bitcoin ETF is positioned to see continued inflows.
<script async src="https://platform.twitter.com/widgets.js” charset=”utf-8″>
