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) took in $224 million in net inflows.
NEW: 🇺🇸 While others are selling, BlackRock’s #Bitcoin ETF saw $224 in inflows yesterday.
— Bitcoin Magazine (@BitcoinMagazine) August 27, 2024
Highest in over a month 🚀 pic.twitter.com/sCiSGhKzCp
The sizable capital injection came as Bitcoin pulled back slightly from its recent rally. It highlights the continued strong demand for IBIT amid mixed flows for other spot Bitcoin ETFs. IBIT accounted for the bulk of Monday's $202 million total inflows into U.S. spot Bitcoin ETFs, which was IBIT's highest inflow since July 22nd.
Other spot Bitcoin ETFs saw divergent results. Franklin Templeton's and WisdomTree's Bitcoin ETFs added about $5 million each. However, Fidelity's Bitcoin ETF saw $8 million in outflows, while Bitwise and VanEck posted outflows over $15 million.
The varied performance reflects diverse investor outlooks and strategies in the nascent Bitcoin ETF space. Nonetheless, inflows into IBIT and select other funds stretched the overall inflow streak 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 recently added IBIT shares to its Strategic Global Bond Fund, underscoring its confidence. As mainstream adoption increases, BlackRock's Bitcoin ETF is positioned to see steady inflows.
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Vivek Sen
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