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BlackRock iShares Bitcoin ETF, trading under the ticker “IBIT,” experienced a record daily inflow of $788 million on Tuesday, as the enthusiasm for crypto trading shows no signs of abating.
On Tuesday, Bitcoin achieved a new all-time high of $69,000, enhancing market sentiment. The leading cryptocurrency is currently trading at $65,700 during the Asian trading hours on Thursday.
“Wow, $IBIT attracted a record-breaking $788m yesterday, spearheading a collective effort for Nine with nearly $1b in gross flows despite the reverse God candle and significantly overshadowing $GBTC’s decline. This is just a small glimpse of how ETF investors will likely be much better HODL-ers than (some) people anticipate,” shared Bloomberg Intelligence analyst Eric Balchunas on the social media platform X.
Wow, $IBIT took in a record smashing $788m yesterday, leading team effort for Nine w/ nearly $1b in gross flows despite the reverse God candle and way overwhelming $GBTC’s bleed. First small taste of how ETF investors gonna be way better HODL-ers then (some) ppl think. pic.twitter.com/goeRwgrJLh
— Eric Balchunas (@EricBalchunas) March 6, 2024
As of December 31, BlackRock stands as the largest asset manager globally, overseeing $10 trillion in assets. It is not surprising that the firm’s entry into Bitcoin with a new Spot Bitcoin product has sparked another bull market.
GBTC Experiences $10B Outflows
Grayscale’s Bitcoin fund has lost its leading position and continues to experience significant outflows.
“$GBTC has witnessed nearly $10b in outflows yet maintains the same asset level it had on its launch day. It may seem like magic, but it’s the bull market subsidy and the same dynamics that keep outflow-stricken active equity mutual funds with substantial assets still afloat (though it appears deceptive since customers have departed, but revenue remains genuine),” noted Balchunas.
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BlackRock’s IBIT ETF has decisively outperformed GBTC by drawing substantial inflows and establishing itself as the primary trading vehicle for Bitcoin.
“It’s impressive to observe from a capital markets standpoint that [BlackRock] iShares has overtaken and replaced Grayscale’s GBTC as the main trading vehicle for Bitcoin,” remarked Laurent Kssis, a crypto trading and ETF expert at CEC Capital, in an interview with Cryptonews.
“We have always stated that the GBTC product was inadequate for institutional investors, being the first to enter the secondary market through a regulatory loophole allowing products on OTC markets,” Kssis explained.
The IBIT ETF continues to surpass all other available products in the market, ranking second among all ETFs in terms of daily, weekly, and monthly inflows.
“By the way, for context on the relative size of $IBIT’s cash influx, it now ranks 2nd among all ETFs in 1D flow, 1W flow, 1M flow, and 3rd in YTD flows,” Balchunas posted on the social media platform X.
BTC Price Outlook
Bitcoin’s resilience is evident as it undergoes a notable recovery. This rebound, particularly following a concerning dip below the $60,000 threshold, reignites conversations about Bitcoin price forecasts, with numerous investors and analysts eagerly speculating on the possibility of new peaks.
As trading volume approaches nearly $76 billion, the digital currency’s strong performance highlights its enduring dominance and sustained investor confidence in its long-term value proposition, reports Arslan Butt from Cryptonews.
The post Blackrock’s Spot Bitcoin ETF Sees Almost $800M Daily Inflows appeared first on Cryptonews.
