Bitcoin ETF

Bitcoin

Million

<p>Investors purchased a whopping 4,869 BTC worth $329 million through BlackRock’s iShares Bitcoin Trust (IBIT) on Oct. 21.&nbsp;The move came as crypto markets retreated and competing spot Bitcoin exchange-traded funds in the United States saw outflows.</p>
<p>All other funds aside from Fidelity’s saw zero or negative flows, resulting in the total net inflow for all funds at $294.3 million.</p>
<blockquote class="twitter-tweet">
 <p dir="ltr" lang="en">Blackrock Buys the dip! Buys 4869 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">#Bitcoin</a> <a href="https://t.co/ztRCa8zMmO" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/ztRCa8zMmO</a></p>
 <p>— Thomas | heyapollo.com (@thomas_fahrer) <a href="https://twitter.com/thomas_fahrer/status/1848546790746071089?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">October 22, 2024</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<h2 id="blackrock-s-ibit-on-a-roll">BlackRock’s IBIT on a Roll</h2>
<p>The big <a href="https://cryptopotato.com/bitcoin-etfs-top-20b-in-inflows-with-1-8b-added-this-week/" data-wpel-link="internal" rel="noopener noreferrer nofollow">BlackRock inflow</a> marks the sixth consecutive trading day of inflows, which have totaled a whopping $1.47 billion over the past week. IBIT has now seen a total inflow of more than $23 billion since its launch in January.</p>
<p>ETF Store President Nate Geraci <a href="https://twitter.com/NateGeraci/status/1848534379980574733" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">said</a> the last week’s worth of inflows alone would make it a top-five launch of 2024 out of 570 ETFs.</p>
<p>On Oct. 21, Bloomberg ETF analyst Eric Balchunas commented on the bumper week for the fund, its best since March, adding that its assets under management (AUM) are in the top 2% of all ETFs.</p>
<p>Moreover, IBIT has taken the third spot for inflows year-to-date among all trading ETFs, surpassing the Vanguard Total Stock Market Index Fund (VTI).</p>
<blockquote class="twitter-tweet">
 <p dir="ltr" lang="en"><a href="https://twitter.com/search?q=%24IBIT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">$IBIT</a> had one hell of a week, +$1.1b in new cash, best week since March, passed <a href="https://twitter.com/search?q=%24VTI&amp;src=ctag&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">$VTI</a> for 3rd place overall in YTD flows (insane for new launch, esp late in year, the rest of the top 5 is each over 20yrs and old and over $300b. <a href="https://twitter.com/search?q=%24IBIT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">$IBIT</a>‘s aum is $26b which is in top 2% of all ETFs. <a href="https://t.co/KX7eD3EzFP" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/KX7eD3EzFP</a></p>
 <p>— Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1848336272483299828?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">October 21, 2024</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p>Fidelity’s Bitcoin ETF (FBTC) had a minor inflow of $5.9 million, its seventh consecutive trading day of positive numbers.&nbsp;However, ETFs from Bitwise, Ark 21Shares, VanEck, and Grayscale all saw outflows as markets retraced.</p>
<p>Spot Ethereum ETFs didn’t have such a rosy day, with a net outflow of $20.8 million on Oct. 21, <a href="https://farside.co.uk/eth/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">according</a> to preliminary data from Farside Investors.&nbsp;Grayscale’s ETHE fund hemorrhaged another $29.6 million, which negated inflows for BlackRock (ETHA) and VanEck (ETHV).</p>
<p>The continuing exodus from Grayscale, over $3 billion so far, has dragged the entire batch of <a href="https://cryptopotato.com/heres-how-ethereums-scourge-upgrade-will-downsize-staking-censorship-buterin/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Ethereum</a> funds down, and this is likely to continue until investors have exited the high-fee ETHE fund and redistributed to others.</p>
<h2 id="crypto-market-pulls-back">Crypto Market Pulls Back</h2>
<p>BlackRock’s bumper inflow day comes as markets retreat and <a href="https://cryptopotato.com/bitcoin-price-dips-below-67k-pausing-hopes-for-ath-rally/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin tanked</a> 3.3% from its multi-month high of $69,300, falling back to below $67,000.</p>
<p>The pullback was expected as leverage and BTC futures open interest hit record highs. BTC has since recovered to trade at $67,500 at the time of writing.</p>
<p>Altcoins were hit harder as usual, with larger losses for Ethereum, Near Protocol, Sui, and Litecoin as total capitalization dipped to $2.44 trillion.</p>
<p>The post <a href="https://cryptopotato.com/blackrocks-ibit-defies-bitcoin-etf-outflow-day-with-329-million-in-inflows/" rel="noopener noreferrer nofollow">BlackRock’s IBIT Defies Bitcoin ETF Outflow Day With $329 Million in Inflows</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.</p>

BlackRock’s IBIT Defies Bitcoin ETF Outflow Day With $329 Million in Inflows

Table of Contents

CryptoPotato_News

Other articles published on Oct 22, 2024

Praxis’ $525M Network State: Crypto-Friendly Utopia or Illusion?

Bitcoin or This New Crypto? Top Analysts Reveal Their Best Picks!

Tether’s CEO Shares Insights on Crypto Regulations

Chainlink (LINK) Price ‘Looking Strong’ as Bullish Pattern Emerges: Spike to $30 Possible if…

Neel Kashkari’s Crypto Comments Ignite Social Media Outrage

Realms to Redefine Solana’s Governance Hub into a Profit Powerhouse

Join our free newsletter for daily crypto updates!