BlackRock’s Spot Bitcoin ETF Records $600 Million Inflows!

  • BlackRock’s Bitcoin ETF (IBIT) stands out as a stabilizing force amid significant outflows from Grayscale Bitcoin Trust (GBTC).
  • According to Farside UK data, there was an outflow of $598.90 million from Grayscale’s GBTC, marking the second-largest outflow since January 11th.
  • Despite substantial outflows from GBTC, Bitcoin’s price maintains stability, leaving the market curious about how it will react to BlackRock’s ETF activity.

The world’s largest asset manager, BlackRock, is gaining more inflows into its spot Bitcoin ETF, standing out in the ETF market.

Growing Demand for BlackRock’s IBIT

BlackRock

Amidst intense activity in the ETF market, BlackRock’s Bitcoin ETF (IBIT) has emerged as a balancing force amid significant outflows from Grayscale Bitcoin Trust (GBTC). However, the overall inflow figure for Spot BTC ETFs was weak due to massive outflows from GBTC.

According to Farside UK data, there was an outflow of $598.90 million from Grayscale’s GBTC, marking the second-largest outflow since January 11th. These significant outflows are attributed to Genesis liquidation or other institutional sales due to the Bitcoin price surpassing $60,000.

Notably, BlackRock’s IBIT recorded a robust inflow of $603.90 million, balancing the negative flows from GBTC and preventing a market downturn. The inflow of funds into BlackRock’s Bitcoin ETF highlights the increasing institutional interest in cryptocurrencies, despite short-term fluctuations.

While Bitcoin’s price maintains stability despite significant GBTC outflows, the market is curious about how it will react to BlackRock’s ETF activity. Meanwhile, Fidelity Wise’s FBTC became the second-highest inflow ETF on Thursday with a net inflow of $44.80 million. Additionally, Bitwise’s BITB recorded an inflow of $21.70 million. However, the total Spot Bitcoin ETF inflow remained at $92.3 million, experiencing an 86% decline from Wednesday’s $674.3 million net inflow.

BlackRock’s IBIT to Launch in Brazil

BlackRock is drawing attention not only for its significant inflows but also for expanding its BTC ETF offering to Brazil. The company plans to accomplish this initiative by partnering with the country’s stock exchange operator, B3. This move represents the asset manager’s first cryptocurrency ETF in the South American country.

Furthermore, the expansion serves as an indication of BlackRock’s successful entry into the Spot Bitcoin ETF sector, with IBIT approaching the $10 billion Asset Under Management (AUM) threshold. Karina Saade, BlackRock’s President in Brazil, confirmed this decision.

Saade stated, “Our journey into digital assets is a natural progression of our multi-year effort to build upon our foundational capabilities with the aim of providing investors with high-quality access tools and is built on the foundational capabilities we’ve created in the digital asset market thus far.”

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.

BREAKING NEWS

Bitcoin Eyes $105,000 Amid Institutional Buying and Market Fragility Ahead of Key Economic Data

Bitcoin recently demonstrated resilience by reclaiming the $105,000 threshold,...

Galaxy Digital Receives Over 1,000 BTC from Jump in Three Days, Boosting Holdings to 4,377 BTC

Galaxy Digital has recently acquired an additional 501 BTC...

Bitcoin Struggles as Hang Seng Cheers U.S.-China Trade Talks U.S. Inflation Eyed

Bitcoin Struggles as Hang Seng Cheers U.S.-China Trade Talks...

Aptos Launches EXPO Commemorative Stamp Event to Boost Web3 Engagement with Digital Wallet Milestone

Aptos has unveiled the "Aptos EXPO Commemorative Stamp Event,"...

BTC Leads Cryptocurrency Spot Market with $38.92 Million Net Inflow Amidst ETH Outflows

According to recent data from Coinglass, the cryptocurrency market...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img