On Monday, 26th August 2024, the US exchange-traded funds (ETFs) posted another day of positive flows with the BlackRock Bitcoin ETF (IBIT) leading the charge.
According to Farside Investors, the US Bitcoin spot ETFs attracted about $202.6M in investments on Monday alone, making it its 8th consecutive day of cumulative net inflows.
BlackRock Bitcoin ETF (IBIT) Hits $224M Inflows
At the forefront of the US Bitcoin spot ETFs’ charge is BlackRock’s iShares Bitcoin Trust (IBIT), which alone attracted an impressive $224.1M in net inflows, outperforming its rivals.
This is BlackRock IBIT’s largest inflow day since 22nd July as the price of BTC dropped back to below $64k, following its weekly rally.
BTCRepublic reported that BlackRock’s iShares Bitcoin ETF (IBIT) attracted $93 million in inflows on August 19, 2024 as the institution continues to perform strongly, consolidating its status as the world’s largest Bitcoin ETF.republic
However, this surge isn’t shocking as the Blackrock Bitcoin ETF has recently become a major force to reckon with in the ETF industry, attracting the endorsement and trust of institutional investors.
For instance, data from Farside Investors revealed that investments of over $500M went into 10 ETFs last week.
Moreover, BlackRock’s IBIT recently confirmed that its Bitcoin holdings have now increased to over 350,000 BTC, another evidence that investors might have built strong confidence in the institution.
Apart from Blackrock’s IBIT, Franklin Templeton’s EZBC recorded notable inflows of $5.5M while WisdomTree’s BTCW recorded $5.1M inflows.
Losses For Other Bitcoin ETFs Due To Competition And Investors’ Preferences
The outstanding performance from Blackrock IBIT has to do with the steady outflows from rival ETFs. For instance, VanEck’s HODL reported a net loss of $7.2M, Fidelity’s FBTC recorded an outflow of $8.3M, and Bitwise’s BITB recorded an outflow of $16.6M.
However, Invesco Galaxy’s BTCO, Valkyrie’s BRRR, and Grayscale’s GBTC witnessed zero flows. The varied performance among these ETFs signifies the varied outlooks and preferences among investors.
Will The Price of BTC Hit $70,000?
The rise in inflows for the BlackRock IBIT occurred at a critical stage for Bitcoin price. Although the price of Bitcoin dropped below the $63k mark, the inflows are fuelling optimism for an increase in price towards $70k.
