BlackRock’s Spot Bitcoin ETF Pulls In Largest Daily Inflow Since Mid-March At $527 Million

By Brenda Ngari – July 24, 2024

BlackRock’s blockbuster spot Bitcoin exchange-traded fund (ETF) attracted $526.7 million in investor funds on July 22, logging its largest single day of inflows since March 13 as investors’ appetite for spot Bitcoin products continued to increase.

IBIT’s Record-Breaking Inflow

BlackRock’s Bitcoin ETF drew $526.7 million in net inflows on Monday.

The July 22 inflows bring the total assets under management for the iShares Bitcoin Trust ETF to 333,000 BTC, valued at around $22 billion at current prices.

IBIT recorded its highest single-day tally on March 18, when it drew in $848 million worth of BTC. The second-largest day on record happened on March 5, when $789 million was added to the fund, per data from UK-based investment firm FarSide Investors.

Overall, the 11 Bitcoin ETFs saw $533.57 million worth of inflows yesterday, with BlackRock’s IBIT, of course, accounting for a giant share of the cumulative inflows. IBIT’s inflow was followed by $23.73 million from Fidelity’s FBTC. Invesco and Galaxy’s BTCO recorded a $13.65 million inflow, while Franklin Templeton’s ETF pulled in $7.87 million.

In the meantime, VanEck’s HODL amassed $38.36 million. Grayscale’s GBTC, Ark Invest, and 21Shares’ ARKB registered zero inflows on Monday.

Bitcoin momentarily rose above $68,000 yesterday, hitting its highest level in more than a month. The bullish move happened amidst a dramatic improvement in the probability of pro-crypto Republican presidential candidate Donald Trump winning his reelection in November. There has also been speculation that Trump will announce a game-changing role for BTC in the U.S. financial system at the upcoming Bitcoin conference in Nashville, on July 27.

However, the bulls were unable to withstand the bullish momentum, paving the way for a fresh retracement. According to CoinGecko data, Bitcoin traded at around $66,661 at the time of writing, down 1.5% on a 24-hour basis.

The large inflows to BlackRock’s fund came on the same day that the Securities and Exchange Commission (SEC) approved a batch of spot Ethereum ETFs for trading on U.S. stock exchanges.

DISCLAIMER The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Brenda Ngari and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

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