BlackRock’s IBIT registers $318.8m inflows despite Bitcoin falling below $69K
The post BlackRock’s IBIT registers $318.8m inflows despite Bitcoin falling below $69K appeared on BitcoinEthereumNews.com.
On Oct. 31, BlackRock’s spot Bitcoin ETF, IBIT, recorded a notable $318.8 million in net inflows despite a 4% dip in Bitcoin’s price, which dropped to around $68,800. According to data from Farside Investors, the latest capital influx followed IBIT’s record-breaking performance just a day earlier on Oct. 30, when the fund attracted $872 million, eclipsing its previous peak of $849 million set in March. The fund’s weekly inflows have now surpassed $2.1 billion. Despite the significant net inflows into BlackRock’s IBIT, the 12 spot Bitcoin ETFs collectively recorded only $32.3 million in net inflows on Oct. 31—a marked decrease from the $893.3 million seen the previous day, which was the second-largest single-day inflow since the ETFs’ launch. Amid this broad pullback in Bitcoin ETFs, Valkyrie’s BRRR was the only other fund to see positive flows on Thursday, gaining $1.9 million. The broader market, however, was marked by significant outflows from other prominent funds. Fidelity’s FBTC ended a two-week streak of positive inflows, losing over $75.2 million. Similarly, ARK 21Shares’ ARKB, Bitwise’s BITB, VanEck’s HODL, and Grayscale’s GBTC collectively experienced outflows amounting to $213.2 million. BlackRock’s IBIT rises above traditional ETFs The standout performance of BlackRock‘s IBIT places it as a significant contender not only within the crypto space but also in the wider ETF industry. According to Bloomberg analyst Eric Balchunas, IBIT outperformed major ETFs like VOO, IVV, and AGG in the past week, attracting more investor capital than any other ETF. Launched less than ten months ago, IBIT has swiftly accumulated almost $30 billion in assets, with roughly half of this amount gained in the last month alone. $IBIT took in more cash than any other ETF in the world over the past week. This is out of 13,227 ETFs, which includes $VOO $IVV $AGG etc. It’s so…
Filed under: News - @ November 1, 2024 7:15 am