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BlackRock Bitcoin ETF records biggest inflow day since March at $523M

News Feed - 2024-07-23 10:07:45

Tom Mitchelhill7 hours agoBlackRock Bitcoin ETF records biggest inflow day since March at $523MThe BlackRock iShares Bitcoin Trust ETF has witnessed over half a billion dollars of inflows on the same day a flurry of spot Ether ETFs got the nod to begin trading in the United States.3573 Total views6 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksBlackRock’s spot Bitcoin exchange-traded fund (ETF) has notched its biggest day of inflows in over four months, with over $523 million entering the fund on Monday.


The iShares Bitcoin Trust ETF (IBIT) scooped up 7,759 Bitcoin (BTC) on July 22 — worth just over $523 million at the time of writing — according to Hey Apollo data cited by its co-founder in a July 23 X post.Source:Julian Fahrer


The July 22 inflows bring the total assets under management for IBIT to 333,000 BTC, worth around $22 billion at current prices.


It marks the seventh-largest day of record for inflows into IBIT in United States dollars.


IBIT witnessed its largest single day of inflows on March 18, when $849 million worth of BTC was added to the fund.


The second-largest day on record occurred on March 5, when the fund saw $788 million in inflows, according to FarSide Investors data.


Related:Gary Gensler will likely resign in 2025 after Biden exit — 10x Research


The large inflows to BlackRock’s fund came on the same day that a roster of spot Ether (ETH) ETFs were approved for trading in the US.


Industry analysts expect spot Ether ETFs to generate 10% to 20% of the flows that spot Bitcoin ETFs have generated since they launched in January.


Meanwhile, several analysts who spoke to Cointelegraph on July 21 are bullish on Bitcoin in the short to mid-term. They cited US President Joe Biden’s last-minute dropout from the presidential race and Trump’s heightened odds of an election victory as strong upside catalysts for the price of Bitcoin.


10x Research founder Markus Thielen speculated there was a solid chance Republican Party nominee Donald Trump could make a surprise announcement that he would make Bitcoin a strategic reserve asset at the upcoming Bitcoin 2024 conference in Nashville, Tennessee, on July 25.


Thielen said this could trigger a “parabolic” move for the price of Bitcoin in the coming weeks.


Bryan Courchesne, the founder of crypto asset management firm DAIM echoed this prediction on July 22, saying there was a good possibility of Trump enshrining BTC as a strategic reserve asset at the conference.


Magazine:Crypto exposes sudden rift among Democrats months ahead of election# Bitcoin# Cryptocurrencies# Business# Bitcoin Price# Adoption# Bitcoin ETF# BlackRock# ETFAdd reaction

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