BlackRock’s IBIT ETF holds $18b in BTC amid continuous inflows

As an analyst with a background in financial markets and experience in tracking Bitcoin ETFs, I find the recent trend of inflows into BlackRock’s iShares Bitcoin Trust (IBIT) quite intriguing. The data suggests that IBIT has seen significant growth over the past few days, with over $18 billion in Bitcoin assets under management. This is a testament to the growing institutional interest in Bitcoin and the increasing acceptance of cryptocurrencies as a legitimate investment asset class.

Approximately $18 billion worth of Bitcoin (BTC) is currently held by BlackRock’s iShares Bitcoin Trust (IBIT), with more funds flowing into the Bitcoin ETFs.

Based on information from Farside Investors, there were $216.4 million worth of investments made in spot Bitcoin ETFs on Tuesday, marking their third successive day with increased investments. The current total of these inflows amounts to an impressive $15.2 billion.

On July 9, the IBIT ETF experienced inflows totaling $121 million, pushing its market capitalization above $18.04 billion for the first time. Intriguingly, BlackRock’s Bitcoin spot ETF recorded outflows amounting to $36.9 million on May 1 alone.

Alternatively, during the same period, Grayscale Bitcoin Trust (GBTC) experienced withdrawals amounting to $37.5 million. It’s worth mentioning that at the beginning of the week on July 8, GBTC recorded inflows totaling $25.1 million, reflecting the overall bullish sentiment in the market.

Since its launch in the U.S., the GBTC ETF has experienced over $18.6 billion worth of redemptions.

Bitwise Bitcoin ETF (BITB) also witnessed downward momentum with $4.7 million in outflows.

The Fidelity Wise Origin Bitcoin Fund (FBTC), ARK 21Shares Bitcoin ETF (ARKB), and VanEck Bitcoin Trust (HODL) each contributed approximately $91 million, $43.3 million, and $3.3 million, respectively, in new investments.

Yesterday’s cryptocurrency market inflows were lower than Monday’s impressive $295 million figure, but they nonetheless contributed to upholding the bullish trend within the crypto sphere.

As a crypto investor, I’m thrilled to report that Bitcoin hit a new intraday peak of $59,400 this week, marking its highest point in over a week. Currently, it’s trading at $59,200.

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2024-07-10 10:30