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

Bitcoin Surges Past $65,000 as 'Uptober' Gains Momentum

Polymarket scrutinizes user KYC as election nears

Tether’s CEO Shares Insights on Crypto Regulations

Solana Price Prediction: SOL To Lead October Gains With $1,000 Move, Following Behind ETFSwap’s 1...

Neel Kashkari’s Crypto Comments Ignite Social Media Outrage

Experts Predict Bitcoin and Solana Price Movements

Join our free newsletter for daily crypto updates!