BlackRock’s IBIT Maintains Lead In BitcoETF Market, Crosses $2 Billion In Inflows
27 Januar 2024 - 2:51PM
NEWSBTC
According to data from BitMEX Research, BlackRock’s Bitcoin spot
ETF – IBIT – has now set a new record, achieving a total net
inflow of $2 billion. This feat allows IBIT to maintain its
position as the best-performing fund of the bunch, following the
approval of 11 Bitcoin spot ETFs by the US Securities and Exchange
Commission on January 10. Related Reading: Bitcoin plummets 20%
post-ETF approvals: what’s behind the crash? BlackRock’s IBIT
Maintains Dominance As Total Net Flows Reach $744.6 Million On
January 25, which marked the tenth trading day of the Bitcoin spot
ETF market, BlackRock’s IBIT produced an unsurprising positive
performance, notching $170.7 million in inflows. This gain allowed
the investment fund to move into an exclusive list as the first
Bitcoin spot ETF to amass $2 billion in market cap. Commenting on
this feat, Bloomberg analyst James Seyfarrt has credited the recent
rise in BTC’s price as a major contributing factor. He said: Yes,
the #Bitcoin price has pushed $IBIT‘s assets beyond $2 billion.
This plus likely new flows today should mean it will be above $2
billion at close. Following the trading debut of BTC spot ETFs on
January 11, IBIT quickly emerged as an investor’s favorite,
recording the highest individual daily inflows of the market at
$386 million on January 12. BlackRock’s BTC spot ETF has managed to
retain this investors’ attention over the first two trading weeks,
evidenced by its consistent positive performances, which has
culminated in a total flow of $2.086 billion. IBIT’s performance is
closely followed by Fidelity’s FBTC, which recorded $101 million in
inflows on January 25, moving its total flows to $1.825 billion.
Meanwhile, other Bitcoin spot ETFs with notable performances
include Bitwise’s BITB and Ark Invest’s ARKB, both of which boast
individual cumulative AUMs of over half a billion dollars. In other
news, the outflows in Grayscale’s GBTC remain a constant trend;
however, there has been a notable decline in selling volume over
the last few days. At the time of writing, GBTC’s total outflow is
valued at $4.786 billion. In comparison with a cumulative inflow of
$5.53 billion, total flows in the Bitcoin spot ETF market stand at
$744.6 million. Source: BitMEX Related Reading: Bitcoin
Capitulation: Holders Flee BTC As Post-ETF Disappointment Hits
Bitcoin Price Overview At press time, Bitcoin is currently trading
at $41,725.19 following a 4.52% price gain in the past day,
according to data from CoinMarketCap. This recent uptick is quite
significant, considering the asset’s previous bearish form, marked
by a 20% decline over the last two weeks which resulted in BTC’s
dipping below $39,000. Bitcoin’s price has been negatively
affected by GBTC’s massive outflows; however, as the selling
pressure appears to be decreasing, coupled with consistent positive
performances of other ETFs, notably BlackRock’s IBIT, that crypto
market leader could soon pull off a market recovery. BTC trading at
$41,802.61 on the daily chart | Source: BTCUSDT chart on
Tradingview.com Featured image from Reuters, chart from Tradingview
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