BlackRock Bitcoin ETF records $329M inflows amid market dip

BlackRock’s iShares Bitcoin Trust (IBIT) attracted substantial net inflows of $329 million on Monday, despite Bitcoin’s (CRYPTO:BTC) price slipping below $67,000. 

This inflow marks a significant milestone, extending US spot Bitcoin ETFs’ consecutive streak of net positive flows to seven days, with cumulative net buying exceeding $2.5 billion, according to data from Farside Investors. 

On the same day, Fidelity’s Bitcoin Fund (FBTC) also recorded gains of around $6 million. 

Meanwhile, other prominent ETFs, including those managed by Bitwise, ARK Invest/21Shares, VanEck, and Grayscale, faced redemptions amounting to over $40 million collectively. 

The remaining ETFs saw no notable inflows. 

IBIT has emerged as a top choice for investors seeking exposure to Bitcoin. 

Last week, the fund alone attracted over $1 billion in new capital, accounting for nearly half of the inflows into US spot Bitcoin ETFs. 

Bloomberg ETF analyst Eric Balchunas noted that IBIT has surpassed Vanguard’s Total Stock Market ETF in year-to-date inflows, securing the third spot overall just months after its launch. 

As of October 18, BlackRock reported that the total value of Bitcoin held by IBIT reached $26.5 billion, underscoring a growing trend of institutional engagement with Bitcoin-backed investment products. 

Despite recent market fluctuations, including Bitcoin’s peak at $69,500 on Monday before retreating below $67,000, sustained inflows indicate continued investor confidence. 

While the broader market remains sensitive to upcoming events, such as the US elections and ongoing geopolitical tensions, institutional interest in Bitcoin ETFs appears robust. 

This consistent influx of capital suggests that digital assets remain a key focus for institutional investors amid an evolving financial landscape.

At the time of writing, the Bitcoin price was $67,338.40.