Breaking News: BlackRock's iShares Bitcoin Trust (IBIT) ETF Sees First Inflow in 3 Weeks, Pulls Market Into Green
In a surprising turn of events, BlackRock's iShares Bitcoin Trust (IBIT) ETF has finally seen a positive inflow after three weeks of no activity. The cumulative inflow of $15.8 million has not only boosted the IBIT but also lifted the entire ETF market into the green.
According to data from Farside Investors, BlackRock's IBIT outperformed its competitors in terms of net inflows, with $15.8 million pouring in. Only a few other asset managers managed to register positive inflows, including Fidelity (FBTC) with $5.1 million, Franklin Templeton (EZBC), VanEck (HODL), and Grayscale (BTC) with net inflows ranging from $2.8 million to $5 million.
Prior to this recent inflow, BlackRock had experienced a long period of zero flows and even some days of net outflows. Despite this, BlackRock remains dominant in the spot Bitcoin ETF space, having generated a total of $20.9 billion in net inflows since January.
Market sentiment has been positive recently, with Bitcoin trading at $59,086, up by 0.68% in the last 24 hours. While the overall sentiment is bullish, Bitcoin has not yet crossed the $60,000 mark.
In conclusion, BlackRock's IBIT ETF's recent inflow is a significant milestone in the ETF market, showcasing its resilience and dominance. This news not only impacts the ETF industry but also sheds light on the current state of the cryptocurrency market, offering valuable insights for investors and financial enthusiasts alike.