Bitcoin

BlackRock’s IBIT Takes the Lead in Record Bitcoin ETF Inflows

Cryptochronicle.xyz, a top crypto news site, reports that the US SEC is on the brink of approving ether-based exchange-traded funds (ETFs), leading to a surge in the popularity of Bitcoin tracking instruments. Notable products in this space include Blackrock’s iShares Bitcoin Trust (IBIT), Fidelity’s Wise Origin Bitcoin Fund (FBTC), and Grayscale’s Bitcoin Trust (GBTC), all of which have shown impressive returns in the market. This positive trend has caught the attention of financial experts and Wall Street insiders, who see it as a potentially lucrative opportunity.

Last Tuesday, US spot Bitcoin ETFs saw remarkable performance, with $305.7 million flowing in, marking seven consecutive days of positive inflows. Blackrock’s IBIT led the way, accounting for nearly $280 million of total flows, while Fidelity’s FBTC attracted around $26 million. Meanwhile, other Bitcoin ETFs remained stagnant, with no significant inflows or outflows.

In a race to determine the largest holder of bitcoins, Blackrock’s IBIT currently holds 281,883.90 BTC, trailing behind Grayscale’s Bitcoin Trust by 7,628 BTC. Fidelity’s FBTC, with 159,548.77 BTC, is valued at approximately $11.21 billion. Notably, only IBIT, GBTC, and FBTC own more than 100,000 BTC.

Blackrock’s IBIT has seen investments from 414 institutional investors, making it a key reference point for large investors and boosting demand for Bitcoin. Analysts, including Eric Balchunas from Bloomberg, have expressed astonishment at the growing interest in IBIT, which has exceeded expectations compared to other competitors in the market.

With investments in US bitcoin ETFs reaching $948.3 million this week, the growth of IBIT has been exponential, according to Blackrock CEO Larry Fink. This upward trend signals a heightened interest in Bitcoin and demonstrates its increasing popularity and recognition in the global finance industry.

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