BlackRock’s IBIT records $260 million in inflows
Share link:In this post: BlackRock’s iShares Bitcoin Trust (IBIT) drew $260 million from investors on July 16th. Bitcoin ETFs net inflows surpassed the $400 million mark, making July 16th the best-performing day since June 5th. BlackRock’s CEO, Larry Fink, says he believes in Bitcoin.Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consul
The world’s largest asset management firm, BlackRock’s IBIT, surpassed the $260 million mark on net inflows on June 16th. The inflows recorded on Tuesday from top Bitcoin ETFs represent more than half of all net inflows, making it the best-performing day since June 5th.
Also Read: Bitcoin mining difficulty drops by 5% as market price remains below $58,000
Data from Farside Investors, a London-based investment management boutique, suggests that the inflows witnessed on Tuesday marked an eighth consecutive day of positive net inflows for the spot Bitcoin ETF. The U.S.-based Fidelity Wise Origin Bitcoin Fund trailed behind BlackRock’s IBIT with $61.1 million in net inflows. ARK 21Shares Bitcoin ETF came in third after recording 29.8 million in inflows.
The data also suggests that WisdomTree-issued spot Bitcoin ETFs, Hashdex, and Grayscale Bitcoin ETFs did not register any inflow. At the same time, other ETFs like Invesco Galaxy Bitcoin ETF and VanEck Bitcoin ETF recorded net inflows worth more than $20 million.
Bitcoin ETFs outperform investors’ expectations
Bitcoin ETFs are performing better than experts had predicted. Bloomberg ETF analyst, Eric Balchunas, posted on X that the ETFs have outperformed his expectations alongside those of fellow Bloomberg research analyst James Seyffart.
The two ETF experts had predicted that spot Bitcoin ETFs would record between $12 billion and $15 billion in inflows in the first 12 months post-launch. However, the inflow prediction came true in six months, as Bitcoin ETFs crossed the $16 billion mark in yearly net flows for the first time since they were approved.
Balchunas specified that the Bitcoin ETF moves in “two steps forward after a one step back” mode, referring to the ETFs’ underperformance in June as the “one step” back.
BlackRock’s CEO, Larry Fink, says he believes in Bitcoin
In an interview dated July 15th, BlackRock’s CEO, Larry Fink, said he believed in Bitcoin’s legitimacy as a financial instrument. Fink also acknowledged that he was once skeptical about Bitcoin’s technology and fundamentals before changing his mind and referring to it as “digital gold.” Fink also mentioned that Bitcoin is an asset that investors capitalize on when market sentiment turns fearful.
“It is a legitimate financial instrument that allows you to maybe have uncorrelated type of returns. I believe it is an instrument that you invest in when you’re more frightened, though.”
-Larry Fink
BlackRock racked up digital assets worth $19.68 billion in May, surpassing Grayscale’s 19.65 billion holdings. Founded in 1988, Blackrock currently manages assets worth more than $10 trillion.
The ETF Store president and ETF Prime host, Nate Geraci, congratulated BlackRock’s fund for achieving $20 billion in digital assets under management only 6 months after its official launch. Geraci also slammed the “degenerate retail” narrative in an X post. Bitcoin is retailing for $65,366 and has been up 10% in the last seven days.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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