April 19, 2024
BlackRock's IBIT Bitcoin ETF Shatters Records with $520 Million Daily Inflow
Bitcoin ETF

BlackRock’s IBIT Bitcoin ETF Shatters Records with $520 Million Daily Inflow

BlackRock’s IBIT spot bitcoin exchange-traded fund experienced unprecedented daily inflows, reaching a record-breaking $520.2 million on Tuesday, as the price of bitcoin continues its upward trajectory. This surge in inflows signifies a 5% increase from the previous record set on February 13, eclipsing the total net inflows of all U.S. spot bitcoin ETFs combined on Monday, which amounted to $519.8 million, according to data from BitMEX Research.

The resurgence of BlackRock’s IBIT comes after a brief slip to third place in inflows on Monday, with Fidelity’s FBTC and Ark Invest 21 Shares’ ARKB taking the lead. However, Tuesday proved to be a remarkable day for BlackRock’s bitcoin fund, as it reclaimed its dominance in inflows, leaving Fidelity’s FBTC trailing behind in second place.

The net inflows for all spot bitcoin ETFs surged to $576.8 million on Tuesday, marking the highest inflow in two weeks. Despite a notable outflow of $125.6 million from Grayscale’s converted GBTC fund, which experienced a significant rise following Monday’s record low outflows, the total net inflows since the ETFs launched on January 11 now stand at an impressive $6.7 billion.

Charles Edwards, founder of bitcoin and digital asset hedge fund Capriole Investments, commented on the remarkable inflows, stating, “Another monster ETF day. Over half a-billy in IBIT alone. We now have a new reflexivity wheel at play.”

BlackRock’s IBIT also achieved a new milestone in daily trading volume, reaching $1.36 billion on Tuesday, surpassing the previous high of $1.33 billion. Bloomberg Senior ETF Analyst Eric Balchunas remarked on the intense trading volume, noting that IBIT saw over 100,000 individual trades, indicating a significant surge compared to previous levels.

The cumulative trading volume for all spot bitcoin ETFs is rapidly approaching $60 billion, signalling growing investor interest and confidence in these investment vehicles. On Monday, the combined assets under management for the newborn nine U.S. spot bitcoin ETFs exceeded 300,000 BTC for the first time, highlighting the increasing adoption of bitcoin within the traditional financial landscape.

As bitcoin continues its ascent, currently trading at $59,233, with a 5% gain over the last 24 hours and a remarkable 40% year-to-date increase, investors are closely monitoring its trajectory. With Bitcoin just $10,000 away from its all-time high of approximately $69,000 set in November 2021, the cryptocurrency market is brimming with anticipation and optimism for future gains.

The remarkable performance of BlackRock’s IBIT and the broader surge in bitcoin ETF inflows and trading volume underscore the growing acceptance and integration of digital assets into mainstream financial markets, marking a significant milestone in the evolution of cryptocurrency investment opportunities.

Image: Wallpapers.com

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