Connect with us

Hi, what are you looking for?

Investing

BlackRock’s Bitcoin ETF Sees $300 Million in Inflows, Reversing Trend of Low Flows

BlackRock’s spot Bitcoin exchange-traded fund (ETF) has generated significant traction, accounting for 95% of the total inflow into United States spot Bitcoin ETFs on Tuesday.

The combined inflows for these ETFs surpassed $300 million, a substantial boost for the market.

Preliminary data from Farside Investors reveals that BlackRock’s iShares Bitcoin Trust (IBIT) witnessed a substantial inflow of $290 million on May 21.

When considering all eleven ETF issuers combined, the net inflow amounted to $305.7 million.

Notably, this marks a reversal in the trend of zero or minimal inflows observed over the past six weeks.

BlackRock’s ETF Sees Uptick in Inflows

The recent influx of funds into BlackRock’s ETF represents the highest level since April 5, eclipsing the cumulative inflows witnessed over the past 21 trading days.

In the context of a volatile Bitcoin rally, spot Bitcoin ETFs have experienced over $1 billion in inflows during the past four trading days.

Taking into account the latest daily figures, BlackRock’s IBIT has accumulated a total of $16 billion in inflows since its launch, as reported by Farside Investors.

However, the official website for the product displays assets under management (AUM) of $19 billion.

This positions BlackRock’s IBIT in close proximity to industry leader Grayscale, whose GBTC spot ETF boasts $20 billion in AUM, according to official records.

Conversely, Grayscale’s GBTC recorded zero inflows on May 21, extending the streak of five consecutive trading days without outflows.

Within the past five days, the fund has witnessed inflows of $72.5 billion, marking a reversal from a four-month trend characterized by consistent outflows.

VanEck’s ETF Sees Outflows

Meanwhile, the significant inflow figure on Tuesday was not without its share of outflows.

The VanEck Bitcoin Trust ETF (HODL) experienced an outflow of $5.9 million, while the Bitwise Bitcoin ETF (BITB) saw an outflow of $4.2 million.

The Fidelity Wise Origin Bitcoin Fund (FBTC) observed a minor inflow of $25.8 million, while the remaining ETFs reported no significant changes.

The enthusiasm surrounding Bitcoin ETFs has been fueled by a recent uptick in BTC prices, with the asset gaining 12% over the past week.

On May 21, BTC reached a six-week high of $71,600, but it subsequently dipped below the $70,000 level during early trading on May 22, currently trading at $69,444 at the time of writing.

As reported, Bitcoin has achieved all-time highs against local currencies in several countries across Asia and South America.

Markus Thielen, the head of research at 10x Research, previously predicted that a breakthrough above $67,500 could potentially lead to new all-time highs.

Currently, BTC is trading at $69,000, just $3,000 away from reaching a new all-time high in U.S. dollars.

Aside from 10x Research, some other analysts have also turned bullish on Bitcoin following weeks-long consolidation.

Leading trading firm QCP Capital has expressed optimism about Bitcoin’s price momentum, forecasting a potential return to the highs of $74,000.

In a recent note, the firm said it has observed substantial buyers acquiring 100,000 to 120,000 BTC Calls for December 2024, indicating confidence in the upward movement of the cryptocurrency.

The post BlackRock’s Bitcoin ETF Sees $300 Million in Inflows, Reversing Trend of Low Flows appeared first on Cryptonews.

Enter Your Information Below To Receive Free Trading Ideas, Latest News And Articles.

    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like

    Editor's Pick

    Real gross domestic product rose at a revised 3.2 percent annualized rate in the third quarter versus a 0.6 percent rate of decline in...

    Editor's Pick

    For years the North Korean playbook was obvious to the world. The Democratic People’s Republic of Korea wanted to be the center of attention....

    Editor's Pick

    On April 23, 1985, the Coca-Cola Company made one of the biggest mistakes in American business history: it changed the formula for Coca-Cola. Outraged...

    Editor's Pick

    In Risky Business: Why Insurance Markets Fail and What to Do About It (Yale University Press, 2023), economists Liran Einav (Stanford), Amy Finkelstein (MIT),...



    Disclaimer: impactofincome.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2024 impactofincome.com