BlackRock’s Bitcoin ETF Attracts $780 Million Inflows in 3 Days

BlackRock’s iShares Bitcoin Trust (IBIT) has significantly impacted the crypto market by acquiring close to $780 million in Bitcoin (BTC) over just three days.

This surge in investment positions IBIT as a major influence in shaping investor sentiment and market trends.

BlackRock’s IBIT Attracts Massive Inflows

On Monday, IBIT recorded 0 inflow. However, the fund attracted a substantial $274.43 million on Tuesday, followed by $155.43 million on Wednesday.

According to data from SoSoValue, it had drawn an additional $350 million on Thursday. Consequently, this week’s total inflow for IBIT approached $780 million.

Recently, BlackRock’s iShares Bitcoin Trust reached a new height by becoming the world’s largest Bitcoin ETF. It now boasts $21.4 billion in assets, surpassing Grayscale’s $20.1 billion. The $12.3 billion Fidelity Wise Origin Bitcoin Fund ranks third.

Read more: How To Trade a Bitcoin ETF: A Step-by-Step Approach

BlackRock IBIT Inflows
BlackRock IBIT Inflows. Source: SoSoValue

On Thursday, other funds saw relatively smaller inflows compared to IBIT. Fidelity’s and VanEck’s Bitcoin ETFs received net inflows of $3.1 million and $2 million, respectively.

Conversely, Ark Invest’s ARKB experienced one of the largest fund withdrawals, with net outflows of $96.6 million. Grayscale’s converted GBTC and Bitwise’s BITB also faced outflows, losing $37.6 million and $3.1 million, respectively.

Spot Bitcoin ETFs have continued to attract investors, achieving the longest streak of net inflows since their inception. These funds have amassed a total of $15.55 billion since January. Although inflows slowed during April and May, they have since rebounded, though still below March’s peak levels.

In the midst of these inflows, Bitcoin’s price has risen slightly. It is currently trading around $71,219, marking a 0.41% increase over the past 24 hours.

Market analysts are optimistic, predicting that Bitcoin could exceed its March peak of $73,798. This expectation is driven by strong ETF demand and anticipated Federal Reserve interest rate cuts.

“There have been massive inflows into spot-Bitcoin ETFs. Macro continues to trend in crypto’s favor, with economic growth slower at a non-recessionary pace and signs of disinflation continuing,” Sean Farrell, head of digital-asset strategy at Fundstrat Global Advisors, said.

Read more: How to Protect Yourself From Inflation Using Cryptocurrency

Bitcoin Price Performance
Bitcoin Price Performance. Source: BeInCrypto

Other central banks have already started rate cuts. The European Central Bank (ECB) cut its key rate to 3.75%, and the Bank of Canada (BoC) reduced theirs to 4.75%.

These cuts are intended to stimulate economic activity by making borrowing cheaper, which could lead to increased investments in crypto. Lower interest rates generally decrease the appeal of traditional savings, pushing investors towards riskier assets like crypto.

The post BlackRock’s Bitcoin ETF Attracts $780 Million Inflows in 3 Days appeared first on BeInCrypto.

How useful was this post?

Click on a star to rate it!

Average rating 0 / 5. Vote count: 0

No votes so far! Be the first to rate this post.

Latest posts

post-thumbnail
Chainlink’s CCIP Enables Seamless Onchain Payments for XPay by XSwap
XSwap has adopted Chianlink’s CCIP for its new XPay tool, ensuring secure and efficient onchain pa...
READ MORE
default post thumbnail
Legendary Trader Warns: Bitcoin Could Plunge Below $50,000 If These Key Levels Break
Renowned trader Peter Brandt recently provided insights on the Bitcoin price potential market moveme...
READ MORE
default post thumbnail
Dogecoin Sees Monumental Surge In Transactions As Whales Spend $129 Million
Dogecoin is currently at a critical price junction that might determine its price trajectory in the ...
READ MORE
default post thumbnail
MATIC Price Tests 8-Month Support As Polygon Unveils New Governance Hub
Polygon’s native token, MATIC, has experienced a notable disparity compared to the broader cryptoc...
READ MORE
default post thumbnail
Ethereum HODLers Scoop 298,000 ETH In 24 Ahead Of Spot ETF Trading
Ethereum is under pressure at press time, tumbling roughly 15% from March 2024. As sellers press on,...
READ MORE
default post thumbnail
Ethereum Withdrawals From Coinbase Top $1.2 Billion, What’s Going On?
Ethereum has seen a number of notable withdrawals that suggests that crypto whales are expecting a r...
READ MORE
default post thumbnail
Dogecoin Plunges 11%, But This On-Chain Cushion Could End Decline
Dogecoin has observed a plummet of 11% over the past week, but this decline may not continue further...
READ MORE
default post thumbnail
Polkadot (DOT) Token Utility
Polkadot is a protocol designed to connect different blockchains, enabling the transfer of value and...
READ MORE
default post thumbnail
Bitcoin-Focused Book Inspired Bill To Abolish Federal Reserve
US Congressman Thomas Massie has said that he was inspired by a Bitcoin-focused book, The Bitcoin St...
READ MORE
default post thumbnail
UwU Lend Offers $5M Bounty For Information On Attacker
The team behind the UwU Lend protocol has offered a $5 million bounty to whoever can identify its at...
READ MORE
Read more posts