BlackRock’s IBIT Bitcoin ETF Sees Highest Inflows Since March
BlackRock’s spot Bitcoin exchange-traded fund (ETF) saw its largest inflow in over four months. iShares Bitcoin Trust (IBIT) acquired 7,759 Bitcoin (BTC) on July 22, worth just over $523 million at current market prices. This significant inflow brings BlackRock’s fund’s total assets under management to 333,000 BTC, or $22 billion at today’s prices.
This marks IBIT’s seventh-largest daily inflow in USD terms. The fund’s highest daily inflow to date was on March 18, when $849 million worth of Bitcoin was pumped into it. The second-largest inflow was on March 5, when $788 million was invested into the fund, according to FarSide investor data.
On the same day as this massive inflow into BlackRock, a series of spot Ether (ETH) ETFs were approved for trading in the U.S. Industry analysts predict that these spot Ether ETFs could attract 10% to 20% of the inflows that the spot Bitcoin ETF has garnered since its introduction in January.
Given these developments, many analysts remain optimistic about Bitcoin’s short- to medium-term prospects, pointing to recent political developments, such as President Biden’s unexpected withdrawal from the presidential race and the growing likelihood that Donald Trump will win the next election, as potential catalysts for a Bitcoin price surge.