BlackRock Bitcoin ETF Hits $523M in Inflows Making it Biggest Day Since March

July 29, 2024 05:00 PM AEST | By Team Kalkine Media

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BlackRock Bitcoin ETF Hits $523M in Inflows Making it Biggest Day Since March — Image source: shutterstock

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BlackRock’s spot Bitcoin exchange-traded fund (ETF), the iShares Bitcoin Trust ETF (IBIT), experienced a significant surge in investor interest on July 23, marking it largest day of Bitcoin inflows in over four months. On July 22, the fund saw an influx of 7,759 Bitcoin, valued at just over $523 million based on current prices, according to Hey Apollo data. This substantial increase in assets brings IBIT’s total holdings to approximately 333,000 Bitcoin, equivalent to around $22 billion.

Inflows Reach New Heights

The recent inflow of $523 million ranks as the seventh-largest single-day inflow recorded for IBIT in terms of U.S. dollars. This new milestone follows a series of notable inflows over the past year, including the fund's largest single-day inflow on March 18, when it accumulated $849 million worth of Bitcoin. The second-largest inflow occurred on March 5, with $788 million entering the fund, as reported by Farside Investors.

Growing Investor Confidence

The substantial inflow into BlackRock’s ETF reflects growing confidence among institutional investors in Bitcoin and its long-term potential. The dramatic increase in assets under management underscores a strong and sustained interest in Bitcoin as an investment vehicle. This uptick in investment activity aligns with broader market trends, where Bitcoin continues to capture significant attention and capital from both retail and institutional investors alike.

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