Blackrock’s Spot Bitcoin ETF Sees Almost $800M Daily Inflows
BlackRock iShares Bitcoin ETF trading under the ticker symbol “IBIT” has seen a record daily inflow of $788 million on Tuesday, as the crypto trading frenzy shows little signs of slowing down.
On Tuesday, Bitcoin reached a new all-time high of $69,000 boosting sentiment. The largest cryptocurrency is now trading at $65,700 during Asia hours on Thursday.
“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,” posted 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
BlackRock is the world’s largest asset manager with $10 trillion in assets as of December 31. Unsurprisingly, the firm entering Bitcoin with a new Spot Bitcoin product has triggered another bull market.
Grayscale’s Bitcoin fund has been dethroned and continues to bleed.
“$GBTC has seen almost $10b in outflows yet has the same amount of assets it did on launch day. Seems like magic, but it’s the bull market subsidy and same physics keeping outflow-ridden active equity mutual funds with massive assets still (albeit mirage-y since customers have left but who cares, revenue is still real)” posted Balchunas.
BlackRock’s IBIT ETF has beaten the GBTC into the ground by attracting huge inflows and
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