Black Rock iShares Bitcoin Trust (IBIT), a spot bitcoin exchange-traded fund (ETF), recorded massive inflows of $526 million on Monday, the largest single-day inflow for the ETF since March.
Latest Update: Black Rock Spot #Bitcoin The ETF saw inflows of $523 million today.
— Bitcoin Magazine (@BitcoinMagazine) July 22, 2024
On July 22, IBIT saw net inflows of approximately $527 million, bringing BlackRock’s Bitcoin fund’s total assets under management to more than $22 billion.
Monday’s increase marked IBIT’s seventh-largest single-day inflow in dollar terms on record, the previous record being set on March 18, when the fund saw $849 million worth of Bitcoin flow into it.
Overall Spot Bitcoin ETF In the United States, net inflows reached $530 million on Monday, the highest weekly total in seven weeks. The surge signals renewed institutional interest in bitcoin investment products.
Other spot Bitcoin ETFs, e.g. Faithfulness Wise Origin Bitcoin Trust and Invesco Galaxy Bitcoin ETF also saw strong inflows, but BlackRock’s IBIT dominated the market, accounting for over 98% of total inflows.
Analysts say improving sentiment towards Bitcoin is driving demand for the ETF, with President Biden’s recent withdrawal from the 2024 presidential race and the growing likelihood of a Trump victory seen as potential catalysts.
BlackRock’s Spot Bitcoin ETF is performing well, solidifying its position as the world’s largest Bitcoin fund, with huge inflows reflecting sustained and growing institutional demand for a regulated Bitcoin investment vehicle.
