BlackRock’s spot bitcoin exchange-traded fund (ETF), the iShares bitcoin Trust (IBIT), saw a massive $526 million inflow on Monday. This marked the largest day of capital inflows for the ETF since March.
<blockquote class="twitter-tweet”>
BREAKING NEWS: BlackRock announcement twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin The ETF saw inflows of $523 million today.
— bitcoin Magazine (@BitcoinMagazine) twitter.com/BitcoinMagazine/status/1815532432356979079?ref_src=twsrc%5Etfw”>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 more than $22 billion.
Monday's gain was the seventh-largest daily inflow on record for IBIT in dollar terms. Its previous record was set on March 18, when the fund recorded $849 million worth of bitcoin inflows.
Across all U.S. spot bitcoin ETFs, total net inflows hit $530 million on Monday, the highest weekly total in more than seven weeks. The surge indicates renewed institutional appetite for bitcoin investment products.
Other spot bitcoin ETFs, such as Fidelity Wise Origin bitcoin Trust and Invesco Galaxy bitcoin ETF, also saw solid inflows. However, BlackRock’s IBIT dominated the market, accounting for over 98% of total inflows.
Analysts cite improving sentiment around bitcoin as a favorable factor for ETF demand. President Biden’s recent exit from the 2024 election race and the increasing odds of a Trump victory are seen as potential catalysts.
BlackRock’s bitcoin Spot ETF is in great shape, consolidating its position as the world’s largest bitcoin fund. The massive inflows reflect persistent and growing institutional demand for regulated bitcoin investment vehicles.
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