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BlackRock’s Spot Bitcoin ETF Surpasses Another Massive Milestone: Details
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BlackRock’s Spot Bitcoin ETF Surpasses Another Massive Milestone: Details
Apr 12, 2024 7:29 AM

BlackRocks IBIT spot Bitcoin exchange-traded fund (ETF) has crossed the $15 billion mark in total inflows, a new high since it began trading on January 11.

However, the overall daily inflows for spot Bitcoin ETFs have been decelerating since their peak on March 12, when they were $1.05 billion.

BlackRock’s IBIT Daily Inflows Surge

BlackRock’s IBIT recorded its largest single daily inflow since April 5, totaling $192.1 million, pushing its total inflows to $15.1 billion, according to Farside data.

Bloomberg ETF analyst Eric Balchunas mentioned that IBIT has surged over 50% and brought in $15 billion in new capital within just three months. Balchunas noted that the figure is double that of any other 421 BlackRock ETFs, highlighting its success in the market.

$IBIT is up over 50% and has taken in $15b in new cash in three months, both of those numbers are double any other BlackRock ETF and they have 421 of them. That is about as hot as the iron gets holmes. https://t.co/lY8jE6Yvl6

IBIT led yesterdays inflows for U.S. spot Bitcoin ETFs, surpassing Grayscales GBTC fund, which saw outflows of $124.9 million. Bitwises BITB received inflows of $11.1 million, while Valkyries BRRR and Fidelitys FBTC attracted $8.4 million and $4.6 million, respectively.

Other funds recorded no flows on Thursday, resulting in a daily net inflow of $91.3 million for all spot Bitcoin ETFs.

BlackRocks ETF Continues to Lead

BlackRocks spot Bitcoin ETF has reached an inflow milestone amid a resurgence in advertising efforts for the product.

Nate Geraci, President of The ETF Store, noted the increased visibility of iShares spot Bitcoin ETF ads, highlighting seven banner ads observed while scrolling through the Bloomberg home page. Geraci emphasized that despite being only three months into the launch, the marketing competition is still in its early stages.

While spot Bitcoin ETF trading volume remained consistent on Thursday at $2.5 billion, with IBIT leading at $1.1 billion in trading, daily volume has declined since reaching a record high of $9.9 billion on March 5, coinciding with Bitcoins surge past its previous cycle peak of approximately $69,000.

Despite fluctuations in BTCs price, BlackRocks spot Bitcoin ETF surpassed $15 billion in assets under management on April 12 and is now approaching $20 billion in AUM.

According to heyapollo data, GBTC currently holds 314,151 BTC, while IBIT holds 269,310 BTC, resulting in a difference of 44,841 BTC between the two funds.

Fidelitys FBTC has exceeded 151,000 BTC ($10.7 billion) in assets, while Ark Invest 21 Shares ARKB has accumulated over 43,000 BTC ($3 billion). Notably, the new spot Bitcoin ETFs control over 524,000 BTC in assets ($37 billion).

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