BlackRock’s Bitcoin ETF Sees Massive Inflows
BlackRock’s spot Bitcoin exchange-traded fund (ETF) has seen a significant uptick recently, attracting 95% of the total inflow into United States spot Bitcoin ETFs on Tuesday. The combined inflows for these ETFs have exceeded $300 million, marking a substantial boost for the market. Preliminary data from Farside Investors indicates that BlackRock’s iShares Bitcoin Trust (IBIT) received a hefty inflow of $290 million on May 21. When considering all eleven ETF issuers collectively, the net inflow reached $305.7 million. This influx signals a welcome change from the trend of minimal or zero inflows observed over the last six weeks.
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BlackRock’s ETF Sees Uptick in Inflows
The recent surge of funds into BlackRock’s ETF represents the highest level since April 5, surpassing the total inflows seen over the past 21 trading days. Amid a volatile Bitcoin rally, spot Bitcoin ETFs have attracted over $1 billion in inflows during the last four trading days. As per Farside Investors, BlackRock’s IBIT has gathered a total of $16 billion in inflows since its launch, although the official AUM displayed on the product’s website stands at $19 billion. This positions BlackRock’s IBIT closely behind industry leader Grayscale, whose GBTC spot ETF boasts $20 billion in AUM per official records.
Conversely, Grayscale’s GBTC did not record any inflows on May 21, extending a streak of five consecutive trading days without outflows. Over the past five days, the fund has seen inflows of $72.5 billion, marking a reversal from a four-month trend of consistent outflows.
VanEck’s ETF Sees Outflows
Despite the overall positive trend, Tuesday’s significant inflow also witnessed some outflows. The VanEck Bitcoin Trust ETF (HODL) experienced an outflow of $5.9 million, while the Bitwise Bitcoin ETF (BITB) saw an outflow of $4.2 million. The Fidelity Wise Origin Bitcoin Fund (FBTC) observed a minor inflow of $25.8 million, with the remaining ETFs reporting no significant changes. The rising interest in Bitcoin ETFs is fueled by a recent surge in BTC prices, as the asset gained 12% over the past week, hitting a six-week high of $71,600 on May 21. However, the price has since dipped below $70,000, currently trading at $69,444 at the time of writing.
As Bitcoin continues to break all-time highs against various local currencies across Asia and South America, analysts are turning increasingly bullish on the cryptocurrency. Leading trading firm QCP Capital has expressed optimism about Bitcoin’s price momentum, forecasting a potential return to highs of $74,000. The firm noted substantial buyers acquiring 100,000 to 120,000 BTC Calls for December 2024, indicating confidence in the cryptocurrency’s upward movement.
