BlackRock's iShares Bitcoin Trust (IBIT) Rakes in Millions to Keep the Asset Manager in Its Leadership Position
- Linda HamiltonOriginal
- 2024-10-18 15:24:15592browse
BlackRock, the giant investment firm with over $11.5 trillion in assets under management, has continued to record remarkable performance on the crypto market.
BlackRock, the world's largest asset manager, continues to make waves in the crypto market. Over the past three days, BlackRock’s iShares Bitcoin Trust (IBIT) has seen a remarkable>$760 million inflows, keeping the asset manager in a leading position.
The massive inflows into BlackRock's Bitcoin ETF come as the product seems to be capturing demand and is the preferred choice among investors. This has brought the total capital invested in BlackRock's product to a staggering $22.5 billion since it launched in January 2024. The figures indicate that the Bitcoin ETF remains a major success and is continuously attracting large amounts of capital from investors.
According to experts, this shows that there is still a lot of interest in gaining exposure to Bitcoin. However, these investors are choosing to do so through a closely related traditional financial product like ETFs.
A closer look at the inflows of over $760 million shows a progressive increase. According to data from Farside, BlackRock saw positive inflows within the first three days of this week. On Monday, the lowest inflow was recorded at $79.5 million. The asset manager saw a surge to $288.8 million on Tuesday and hit $393.4 million on Wednesday, reaching the new heights.
Throughout the year, BlackRock has been on a continuous Bitcoin acquisition spree, even as other asset managers were seen shedding the digital asset. Earlier this month, as the price of Bitcoin dropped, BlackRock refrained from selling its holdings. This reflects the asset manager's confidence in the future potential of the world's largest cryptocurrency. In terms of its Bitcoin accumulation, the report indicates that BlackRock now holds over 362,100 BTC.
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