BlackRock Bitcoin ETF (IBIT) Steals the Limelight, Single-handedly Driving the Most Inflows in the US BTC ETF Market-web3.0-php.cn

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BlackRock Bitcoin ETF (IBIT) Steals the Limelight, Single-handedly Driving the Most Inflows in the US BTC ETF Market

Susan Sarandon

Oct 24, 2024 pm 06:36 PM

BlackRock Bitcoin ETF Larry Fink

The BlackRock Bitcoin ETF (IBIT) has been single-handedly driving the most inflows in the US BTC ETF market. On Wednesday, IBIT recorded another day of $300 million in inflows thereby taking the total inflows since inception to more than $23.5 billion.

BlackRock Bitcoin ETF (IBIT) Steals the Limelight, Single-handedly Driving the Most Inflows in the US BTC ETF Market

The BlackRock Bitcoin ETF (IBIT) has been the driving force behind the most inflows in the US BTC ETF market. On Wednesday, IBIT recorded another day of $300 million in inflows, bringing the total inflows since inception to more than $23.5 billion.

Earlier this month, BlackRock chief Larry Fink explained that “liquidity and transparency” are the key drivers of Bitcoin.

BlackRock Bitcoin ETF Steals the LimelightOn Wednesday, October 23, the net inflows into spot Bitcoin ETF stood at $192 million, as per the data from Farside Investors. BlackRock’s IBIT alone contributed to more than $300 million in inflows, scooping up over 4,500 Bitcoins in a single day. This is ten times the daily Bitcoin production of 450 BTC.

With this, BlackRock’s IBIT is increasing its lead significantly over other players in this domain. Seeing the pent-up demand for Bitcoin across the global market, the asset manager decided to launch this product earlier this year, said Samara Cohen, head of the ETF division at BlackRock.

Speaking at the Permissionless Conference in Utah earlier this week, Cohen said that BlackRock saw a better way to access Bitcoin. “It was for the ETF wrapper,” she told CNBC. Within just 10 months of launch, the total market cap of Bitcoin ETFs has crossed $63 billion Speaking on IBIT’s success, ETF Store President Nate Geraci said:

“Degen retail has now ape’d nearly $2bil into IBIT over past 2 weeks… Nearly 10mos after launch. $23.5bil into a new ETF in 10mos is mind-boggling. Literally any ETF issuer would sign up for this in a heartbeat”.

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