BlackRock’s iShares Bitcoin ETF Surges with $1.5 Billion in Six Days

• BlackRock’s iShares Bitcoin ETF recorded $1.5 billion in inflows in just six days, placing it among the top five global ETFs.
• Since its January 2024 launch, BlackRock’s Bitcoin ETF has raised $23 billion, highlighting strong market demand.
• Despite skepticism in the financial world, BlackRock’s ETF continues to attract significant investment, even during market volatility.

BlackRock’s iShares Bitcoin Trust (IBIT) ETF is maintaining its leadership in the cryptocurrency ecosystem. The ETF has experienced an impressive surge in inflows, signaling investors’ confidence despite the volatility of the market. As a top global asset manager, BlackRock’s performance with this ETF continues to draw significant attention. 

Massive Inflows Reflect Investor Confidence

Over just six trading days, BlackRock’s IBIT ETF recorded an astonishing $1.5 billion in inflows, according to Nate Geraci, cofounder of the ETF Institute. This dramatic increase places IBIT among the top five global ETFs, even amid competition from over 570 other ETFs globally. The popularity of IBIT highlights investors’ growing interest in cryptocurrency assets.

A $23 billion fund generated by the iShares Bitcoin ETF formed after the launch in January 2024 proved its significance for the growth of Bitcoin. This rapidity of increase may well be attributed to the high interest that investors continue to show in products that are related to Bitcoin despite the overall enmity towards cryptocurrencies and the immense doubt surrounding crypto ETFs. As this trend shows Bitcoin and other cryptocurrencies have started to gain recognition from institutions.

Market Volatility and Skepticism Persist

However, despite the ETF’s success, some financial professionals remain skeptical about Bitcoin and its related financial products. Geraci expressed surprise over the persistent doubts about Bitcoin ETFs, particularly given the strong performance of BlackRock’s offering in the market. Such skepticism remains a point of discussion in financial circles.

On October 21, data from Farside Investors revealed that BlackRock’s IBIT ETF recorded a $329 million inflow. In comparison, most of its competitors saw either zero inflows or outflows, underscoring BlackRock’s dominance. The only competitor with a noticeable inflow was Fidelity’s FBTC, which managed $5.9 million. Meanwhile, other notable ETFs from Bitwise, Ark Invest, VanEck, and Grayscale faced collective outflows amounting to $40.6 million.

Bitcoin Price vs. ETF Interest

While there is increasing discussion about the Bitcoin-related ETFs that are yet to be launched, some members of the virtual currency community worry that it has not quite boosted the value of Bitcoin. At the time of writing, the price of Bitcoin is $ 67,165.99, down 1.59% in the last 24 hours. However, the general view is that one day, Bitcoin ETFs like BlackRock’s IBIT will start to bring a noticeable effect on the price.