Key Points:
- BlackRock’s iShares Bitcoin Trust (IBIT) recorded $329 million in inflows on October 21.
- IBIT has attracted $1.5 billion over the last six trading days, marking a highly successful launch.
- Competing ETFs, including Bitwise and VanEck, saw significant outflows during the same period.
- IBIT remains a dominant player in the Bitcoin ETF market, with total inflows reaching $23 billion since January.
BlackRock’s Bitcoin ETF Achieves Record Inflows
On October 21, BlackRock’s iShares Bitcoin Trust (IBIT) recorded a staggering $329 million in inflows, reinforcing its dominance in the cryptocurrency ETF market. The latest influx adds to a highly successful run, as IBIT attracted $1.5 billion over just six trading days. This performance solidifies its position as one of the standout ETF products launched in 2024.
Nate Geraci, co-founder of The ETF Institute, highlighted the significance of these figures, pointing out that IBIT’s achievements make it one of the top-performing exchange-traded funds of the year. Since its launch in January, IBIT has accumulated a total of $23 billion in inflows, underscoring its strong appeal among investors.
Competing Bitcoin ETFs Struggle
While BlackRock’s ETF continues to attract substantial investments, other Bitcoin ETFs are struggling to keep up. In contrast to IBIT’s success, the Bitwise Bitcoin ETF (BITB) experienced outflows of $22.1 million. Similarly, VanEck’s HODL ETF and ARK 21Shares Bitcoin ETF (ARKB) recorded outflows of $7.6 million and $6.1 million, respectively. Even the well-known Grayscale Bitcoin Trust (GBTC) saw $4.8 million leave its coffers.
This divergence in performance highlights IBIT’s overwhelming success in the Bitcoin ETF race. On October 21, IBIT’s inflows exceeded the combined net flows of all other ETFs, showcasing its market dominance.
Bitcoin Price Outlook
IBIT has emerged as a bullish catalyst for Bitcoin throughout 2024, attracting high-profile institutional investors like Edmond de Rothschild (Suisse). Analysts predict that this momentum could push Bitcoin’s price higher in the coming months. CryptoQuant, a cryptocurrency analytics platform, recently suggested that Bitcoin ETFs could significantly influence the market, driving the price up in the fourth quarter of the year.
Bitcoin recently reclaimed the $69,000 mark, though its value has since dipped slightly to $66,000. Despite this fluctuation, investor confidence remains strong, with many anticipating continued growth fueled by the rising popularity of Bitcoin ETFs like IBIT.
