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BlackRock’s IBIT Bitcoin ETF Sees Highest Inflows Since March
BlackRock’s IBIT Bitcoin ETF Sees Highest Inflows Since March
The BlackRock Spot Bitcoin BlackRock’s exchange-traded funds (ETFs) have seen their largest inflow in over four months. The iShares Bitcoin Trust (IBIT) acquired 7,759 bitcoins (BTC) on July 22, worth just over $523 million at current market prices. The substantial inflow brings the BlackRock fund’s total assets under management to 333,000 BTC, or $22 billion at current prices.
This is the seventh largest day of US dollar inflows for IBIT. The fund’s record for the largest single-day inflow was set on March 18, when $849 million worth of Bitcoin was added. The second largest inflow day was on March 5, when $788 million was invested into the fund. according to to FarSide investor data.
On the same day as this major inflow for BlackRock, a series of spot Ether (ETH) ETFs were approved for trading in the United States. Industry analysts predict that these spot Ether ETFs could attract 10% to 20% of the inflows that spot Bitcoin ETFs have garnered since their launch in January.
Given these developments, several analysts remain optimistic about bitcoin’s short- and medium-term prospects. They point to recent political developments, including President Biden’s unexpected withdrawal from the presidential race and the increased likelihood of Donald Trump winning the upcoming election, as potential catalysts for bitcoin’s price surge.