TLDR
- BlackRock’s Bitcoin ETF (IBIT) saw $500 million in inflows on July 22, 2024.
- IBIT’s total inflows since launch have crossed $19.5 billion.
- The ETF now holds over 325,000 BTC worth $22.5 billion.
- IBIT’s share price has increased 20% in the past two weeks.
- BlackRock is launching a spot Ethereum ETF with a 0.25% management fee.
BlackRock’s Bitcoin ETF, known as iShares Bitcoin Trust (NASDAQ: IBIT), continues to make waves in the cryptocurrency investment world.
On Monday, July 22, 2024, IBIT recorded another significant milestone with over $500 million worth of inflows in a single day.
This latest surge brings the total inflows for the fund to an impressive $19.5 billion since its launch in January 2024.
The success of IBIT highlights the growing interest in Bitcoin from both institutional and retail investors. In just the last 12 trading sessions, the fund has attracted nearly $2 billion in inflows, showcasing the strong demand for Bitcoin exposure through traditional investment vehicles.
IBIT’s performance has been particularly noteworthy in terms of its holdings and market share. The fund currently holds more than 325,000 Bitcoin, valued at approximately $22.5 billion.
Bitcoin ETF Flow (US$ million) – 2024-07-22
TOTAL NET FLOW: 533.6
(Provisional data)IBIT: 526.7
FBTC: 23.7
BITB:
ARKB: 0
BTCO: 13.7
EZBC: 7.9
BRRR: 0
HODL: -38.4
BTCW: 0
GBTC: 0
DEFI: 0For all the data & disclaimers visit:https://t.co/4ISlrCgZdk
— Farside Investors (@FarsideUK) July 23, 2024
This makes IBIT the largest Bitcoin ETF in the United States by assets under management (AUM). For comparison, the second-largest fund, Fidelity’s FBTC, has an AUM of $12.19 billion.
The strong inflows have had a positive impact on IBIT’s share price. Over the past two weeks, the ETF’s shares have surged by 20%.
Since its launch in January, IBIT’s share price has increased by more than 46%, reflecting the growing value of Bitcoin and investor confidence in the fund.
BlackRock’s success with IBIT has not gone unnoticed in the broader cryptocurrency ETF market. The fund has been the primary contributor to inflows among U.S. Bitcoin ETFs, indicating that BlackRock’s reputation and marketing efforts have resonated with investors seeking Bitcoin exposure.
As IBIT continues to grow, market analysts are keeping a close eye on its performance. The immediate resistance level for IBIT’s share price is set at $40.50. If the fund manages to break through this level, it could potentially see further gains.
BlackRock’s involvement in the cryptocurrency space is not limited to Bitcoin. The asset management giant is also set to launch a spot Ethereum ETF, scheduled to begin trading on Tuesday.
This new offering comes with a competitive management fee of 0.25%, matching the fee structure of their Bitcoin ETF.
The launch of the Ethereum ETF represents BlackRock’s expanding footprint in the cryptocurrency investment landscape. With the success of IBIT, many industry observers are speculating that the Ethereum ETF could see similar levels of interest and inflows.
BlackRock’s move into cryptocurrency ETFs comes at a time when the company has recently surpassed $10 trillion in assets under management.
The addition of these crypto products to their lineup demonstrates the growing mainstream acceptance of digital assets as a legitimate investment class.
