On Monday, from BlackRock spot Bitcoin exchange-traded fund (ETF) saw its largest single-day inflows in more than 35 days. The iShares Bitcoin Trust (IBIT) received $224 million in net inflows.
NEW: 🇺🇸 While others are selling, BlackRock is selling #Bitcoin ETF saw $224 inflows yesterday.
Highest in over a month 🚀 photo.twitter.com/sCiSGhKzCp
— Bitcoin Magazine (@BitcoinMagazine) August 27, 2024
The significant capital injection came as Bitcoin pulled back somewhat from its recent rally. It highlights the continued strong demand for IBIT amid mixed flows for other spot Bitcoin ETFs. IBIT accounted for the bulk of the $202 million in total inflows into the U.S. on Monday spot Bitcoin ETFswhich was the highest inflow of IBIT since July 22.
Other spot Bitcoin ETFs saw mixed results. Franklin Templeton and WisdomTree’s Bitcoin ETFs each added about $5 million. However, Fidelity Bitcoin ETF saw $8 million in outflows, while Bitwise and VanEck reported over $15 million in outflows.
The mixed performance reflects diverse investor outlooks and strategies in the emerging Bitcoin ETF space. Nevertheless, flows into IBIT and certain other funds have extended the overall inflow streak to eight consecutive days.
With over $20 billion in net inflows, IBIT has established itself as the dominant spot Bitcoin ETF. BlackRock now holds over 350,000 bitcoins worth nearly $22 billion in the fund.
The asset manager recently added IBIT shares to its Strategic Global Bond Fundwhich underscores confidence. As mainstream adoption increases, BlackRock’s Bitcoin ETF is positioned to see steady inflows.