BlackRock's Bitcoin ETF Outperforms Major Stock ETFs, Attracts $19B in Inflows This Year

NAIROBI (CoinChapter.com) — BlackRock's Bitcoin ETF has outperformed major stock ETFs, attracting nearly $19 billion in inflows this year.

At the Bitcoin 2023 conference in Miami, attendees eagerly anticipated the announcement of a Bitcoin ETF by BlackRock, the world's largest asset manager. However, the conference concluded without any official news regarding the ETF.

Despite the absence of an announcement, some cryptic statements by Markus Thielen, founder of 10x Research, sparked speculation among the community. In a July 23 tweet, Thielen hinted at a Republican Party nominee revealing Bitcoin as a strategic reserve asset.

Some interpreted this statement as a reference to former U.S. President Donald Trump, who is rumored to be planning a surprise appearance at the conference. However, there was no confirmation of Trump's attendance or any announcement about Bitcoin being designated as a strategic reserve asset.

Later, Thielen clarified that he was not referring to Trump in his tweet and that the announcement he anticipated was related to something else entirely.

Bitcoin ETF Inflows Surpass Those Of Invesco’s Nas100 ETF

While the BlackRock Bitcoin ETF announcement failed to materialize at the conference, other interesting data emerged regarding Bitcoin ETFs.

According to Jeroen Blokland, founder of Blockland Smart Asset Fund, BlackRock's Bitcoin ETF has seen remarkable inflows this year, reaching nearly $19 billion. These inflows surpass those of Invesco's Nasdaq 100 ETF, which includes the "magnificent seven" stocks: Microsoft, Apple, Tesla, Amazon, Meta, Alphabet, and Nvidia.

In a July 23 post on X, Blokland highlighted the scale of these investments. He noted that BlackRock's ETF inflows outpaced those of Invesco's Nasdaq 100 ETF and other AI-focused funds. Fidelity's spot Bitcoin ETF, ranked 11th, also accumulated $10 billion in inflows.

As a result, Bitcoin has become the world's second-biggest asset class in terms of inflows. This is significant given its market size is 90 times smaller than equities.

Bitcoin ETF Saw Largest Inflow In 4 Months On July 22

On July 22, BlackRock Bitcoin ETF saw its largest inflow in over four months, with over $523 million. According to Hey Apollo data, the iShares Bitcoin Trust ETF (IBIT) acquired 7,759 Bitcoin, valued at over $523 million.

This surge reflects increasing investor interest in Bitcoin as a legitimate asset class. The ETF, which tracks the price of Bitcoin, saw a net creation of 100,000 shares on Friday, indicating strong demand for the fund among authorized participants.

U.S. Spot Bitcoin ETFs now have over $61 billion in on-chain holdings, controlling more than 4.6% of the total Bitcoin supply. This surge has driven projections for future price movements.

Crypto analyst Titan of Crypto predicts Bitcoin could reach $88,000 by September, based on Ichimoku analysis.

Moreover, Titan of Crypto highlighted on July 21 that Bitcoin is back above the Tenkan line on the weekly timeframe, indicating bullish momentum. The chart analysis suggests an intermediate target of $88,500, with key levels to watch around $66,800 and a crucial bounce point.

Bitcoin ETFs Accounted For 75% Of New Investments By Feb 15

Bitcoin ETFs played a significant role in driving up the price of Bitcoin earlier this year. According to a chart by TechDev, Bitcoin ETFs accounted for about 75% of new investments by February 15, coinciding with Bitcoin's rise above $50,000.

The chart illustrates the price action and key levels to monitor for a potential surge.

Bitcoin’s current price as of July 24 is approximately $65,663.34, reflecting a 2.79% decrease over the last day. Bitcoin's market cap stands at $1.3 trillion, with a 24-hour trading volume of $34.9 billion.

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