According data from BitMEX Research, the BlackRock bitcoin Spot ETF (IBIT) has now set a new record, achieving a total net inflow of $2 billion. This feat allows IBIT to maintain its position as the best-performing fund of the group, following the approval of 11 bitcoin spot ETFs by the US Securities and Exchange Commission on January 10.
BlackRock IBIT maintains dominance as total net flows reach $744.6 million
On January 25, which marked the 10th trading day of the bitcoin ETF spot market, BlackRock's IBIT produced an unsurprising positive performance, recording $170.7 million in inflows. This gain allowed the investment fund to move into an exclusive listing as the first bitcoin spot ETF to amass $2 billion in market capitalization.
Commenting on this feat, Bloomberg analyst James Seyfarrt has accredited the recent rise in the price of btc as an important factor. He said:
If hebitcoin?src=hashtag_click” rel=”nofollow”> #bitcoin the price has pushed $ VAIts assets exceed $2 billion. This, added to the probable new current flows, should mean that at closing it will be above $2 billion.
Following the trading debut of btc spot ETFs on January 11, IBIT quickly emerged as an investor darling, recording the market's highest single daily inflows of $386 million on January 12. The BlackRock btc Spot ETF has managed to retain the attention of these investors during the first two weeks of trading, as evidenced by its constant positive results, which have culminated in a total flow of $2,086 million.
IBIT's performance is closely followed by Fidelity's FBTC, which recorded $101 million in inflows on January 25, bringing its total flows to $1.825 billion. Meanwhile, other bitcoin spot ETFs with notable returns include Bitwise's BITB and Ark Invest's ARKB, both of which have individual cumulative assets of more than $500 million.
In other news, capital outflows into Grayscale's GBTC remain a consistent trend; However, there has been a notable drop in sales volume in recent days. At the time of writing, GBTC's total outflow is valued at $4.786 billion. Compared to a cumulative inflow of $5.53 billion, total flows into the bitcoin ETF spot market amount to $744.6 million.
Source: BitMEX
bitcoin Price Overview
At press time, bitcoin is currently trading at $41,725.19 following a 4.52% price increase in the last day, according to bitcoin/” target=”_blank” rel=”nofollow”>CoinMarketCap data. This recent rally is quite significant, considering the asset's previous bearish form, marked by a 20% drop in the last two weeks, resulting in btc falling below $39,000.
bitcoin price has been negatively affected by massive GBTC outflows; However, as selling pressure appears to be easing, coupled with the continued positive performance of other ETFs, particularly BlackRock's IBIT, the crypto market leader could soon achieve a market recovery.
btc trading at $41,802.61 on the daily chart | Source: BTCUSDT chart on Tradingview.com
Featured image from Reuters, chart from Tradingview
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