BlackRock Bitcoin ETF Posts $180 Million Inflow, Biggest Daily Achievement in September
2024-09-28
Bittime - On September 25, 2024, BlackRock, the world's largest asset manager, recorded the highest daily inflow for their Bitcoin exchange-traded fund (ETF), totaling $184.4 million.
This is a significant achievement amidst the positive inflow trend that has occurred across spot Bitcoin ETFs in the United States for five consecutive days.
Positive Trends in the Middle of the Market
BlackRock became a major highlight in the cryptocurrency market after recording its highest inflow in September. Meanwhile, the Bitwise Bitcoin ETF (BITB) also experienced an inflow, although it was much smaller, namely $2.1 million.
In contrast, the Fidelity Wise Bitcoin Origin Fund and Ark 21Shares Bitcoin ETF (ARKB) saw outflows of $33.2 million and $47.4 million, respectively.
September is generally considered bearish for Bitcoin, but BlackRock's performance shows growing enthusiasm among investors, especially after the Federal Reserve's decision to cut interest rates by 50 basis points.
The move has pushed Bitcoin back towards the $60,000 level, last seen on August 30.
BlackRock Domination of the ETF Market
Since its launch in January 2024, total accumulated inflows into spot Bitcoin ETFs reached $17.94 billion. BlackRock’s iShares Bitcoin Trust (IBIT) led the way with inflows of $184.4 million, while FBTC and ARKB were next with inflows of $102.1 million and $99.3 million respectively as of Sept. 13.
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In five consecutive days, the total accumulated inflow into spot Bitcoin ETFs was recorded as positive, reaching $496.7 million during the period. This reflects investors' growing interest in Bitcoin-based investment products.
Demand Increases for Bitcoin Spot ETFs
Ki Young Ju, founder and CEO of CryptoQuant, stated in a post on
This shows that investors are increasingly trusting the products offered by ETFs, especially from large institutions such as BlackRock.
Changes in BlackRock Policy Regarding Custodians
On September 23, BlackRock proposed amendments to their Bitcoin ETF following widespread concerns from investors regarding the on-chain settlement practices of their custodian, Coinbase.
This amendment requires Bitcoin withdrawals to be made within 12 hours from Coinbase. This request reflects increasing demands for transparency from investors regarding the ETF products they own.
With significant inflow growth and support from appropriate policy measures, the BlackRock Bitcoin ETF looks set to continue attracting investor attention and interest in the cryptocurrency market. This shows promising potential for this investment product in the future.
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