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BlackRock Dominates Bitcoin ETFs Inflow Streak with Record $224M

BlackRock Dominates Bitcoin ETFs Inflow Streak with Record $224M

DailycoinDailycoin2024/08/27 21:12
By:Dailycoin
  • Bitcoin ETFs have been on an impressive winning streak.
  • BlackRock’s ETF recorded a standout one-day inflow record.
  • The positive trend for the ETFs aligns with a recent market boom.

U.S.-listed spot Bitcoin exchange-traded funds (ETFs) have been on an impressive streak this week, attracting hundreds of millions in new investments. For days, multiple issuers have recorded significant inflows, signaling renewed investor confidence in Bitcoin-backed assets and fueling an upward momentum across the market.

Amid the positive trend, one issuer has emerged as a standout performer.

BlackRock’s Bitcoin ETF Shines

The ongoing surge in Bitcoin ETF inflows has reached a remarkable 12-day streak, with recent performance by BlackRock’s IBIT taking the spotlight. According to SoSo Value data on Monday, August 26, 2024, the spot ETFs had a cumulative net inflow of approximately $203 million. 

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IBIT led the charge with an impressive $224 million, marking its largest inflow in over 30 days. The strong performance set IBIT apart from other issuers by a wide margin, followed by Franklin Templeton’s EZBC and WisdomTree’s BTCW, with more modest inflows of $5.5 million and $5.2 million, respectively.

In contrast, other issuers, including Bitwise, Fidelity, and VanEck, experienced outflows ranging from $7 million to $17 million across their various ETFs. Grayscale and three other issuers recorded neither inflows nor outflows.

The surge in investments for the leading issuers comes as Bitcoin displays impressive performance over the weekend.

BTC’s Brief Rally

Bitcoin , the largest crypto asset, recently recorded a price uptick, following two weeks of being confined within the $59,000 range. On August 26, 2024, the crypto giant surged to a 24-day high, reaching approximately $65,000.

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While BTC’s value has since readjusted to its current trading price of $61,886, its strength triggered excitement across the market and a subsequent wave of investments.

Bitcoin-linked investment assets also saw $534 million in inflows last week. This contributed to the overall recovery in crypto products, which recorded their highest inflows in over five weeks.

On the Flipside

  • Ethereum ETFs are underperforming, locked in an eight-day-long trend of consistent outflows .
  • BlackRock’s IBIT has amassed approximately $22.7 billion in assets under management (AUM), overtaking Grayscale, which previously held the top spot.
  • Hong Kong’s Bitcoin ETFs also recently demonstrated an impressive performance. 

Why This Matters

BlackRock’s performance reinforces its position as a leading Bitcoin ETF issuer, and the steady influx of funds highlights the overall increasing investor confidence in the funds.

Read this article for more about the performance of Ether ETFs:
Ethereum ETFs Wrap Up Their Debut Month: Are Results Promising?

The Russian government is taking a second look at crypto; read this article for more:
Russia Advances Crypto Payments Trials: Confirmation of a U-Turn?

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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