BlackRock's iShares Bitcoin Trust Sees Record $899M Inflow
BlackRock's iShares Bitcoin Trust (IBIT) fund saw a record-breaking day on October 7, 2024, with a net inflow of $899 million, making it the top-performing ETF in a single day. This surge in investment comes amidst a growing institutional interest in bitcoin. The $876 million inflow on October 7 was the strongest single-day inflow since the launch of US spot bitcoin ETFs in January 2024. IBIT, with around $97 billion in assets under management (AUM), has been capturing a significant portion of institutional investor demand. Since their inception, US spot bitcoin ETFs have seen a total net inflow of $61.5 billion, indicating a growing appetite for bitcoin investments. The bitcoin price ranged between $118,000 and $125,000 during the 6-7 October period, reflecting the market's confidence in the cryptocurrency. On October 7, IBIT's daily inflow surpassed those of competing products, further cementing its position as a top choice for institutional investors. While specific details about the largest contributors are not available, the significant net inflows suggest that major players are increasingly turning to bitcoin ETFs. As of October 7, the total assets under management by ETFs reached approximately $170 billion, with large ETFs like IBIT drawing capital and liquidity from the bond market. ETF inflows have been a significant driver of spot demand for bitcoin, indicating a strong and growing interest in cryptocurrencies from institutional investors.
