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Bitcoin ETF: Record $305M Inflows, BlackRock's BIT Leads

Thu 23 May 2024 ▪ 4 min of reading ▪ by Mikaia A.

While the U.S. SEC is preparing to validate Ether ETFs, the first bitcoin trackers are a hit. Blackrock’s IBIT, Fidelity’s FBTC, and Grayscale’s GBTC are playing the stars. Everything is going smoothly for them; finance is applauding with both hands and Wall Street is dancing the billion-dollar tango.

Plusieurs individus tenant des billets entre les mains, soleil avec logo de bitcoin

Bitcoin ETFs are holding ground, the Stock Market shivers

Although only 5 months and 13 days old, U.S. spot Exchange Traded Funds (ETFs) on bitcoin orchestrated a memorable performance last Tuesday, attracting a massive influx of 305.7 million dollars. It was a seventh consecutive day of positive flows, a true festival of greenbacks!

Among the players in this financial ballet, Blackrock’s IBIT shone brightly, capturing alone 94.86% of the total inflows. Yes, you read that right, 94.86%! That represents a small fortune of 280 million dollars. Meanwhile, Fidelity’s FBTC had to settle for crumbs, still bringing in nearly 26 million dollars.

The other spot bitcoin ETFs, for their part, were left frozen, with neither inflows nor outflows, like forgotten dancers on the side of the stage.

Behind the scenes, Blackrock’s IBIT now holds 281,883.90 BTC, closely rivaling Grayscale’s Bitcoin Trust, which possesses 289,511.90. A titanic battle is brewing, as IBIT needs just 7,628 BTC, a trifle of 536 million dollars, to match its rival.

Currently, only GBTC, IBIT, and FBTC can boast owning more than 100,000 BTC each. With 159,548.77 BTC in hand, FBTC is worth a tidy sum of 11.21 billion dollars.

Blackrock’s IBIT: An Uncontested Leader

Thunderstrike in the genteel world of finance! Blackrock’s IBIT, a spot bitcoin ETF, has just taken center stage with 414 institutional investors under its belt, reports The latest filings with the SEC reveal that this fund is attracting the big fish, a real boon for bitcoin.

Eric Balchunas, senior analyst at Bloomberg, didn’t mince words, calling this performance “stunning”. For him, gathering 20 holders for a freshly launched ETF is already an achievement, so 414 (among the 1,500 reported in 3 months)… it’s science fiction! No other bitcoin ETF launched in January has generated as much enthusiasm.

In comparison, the Bitwise Bitcoin ETF, the Fidelity Wise Origin Bitcoin Fund (FBTC), and the ARK 21shares Bitcoin ETF struggle to keep pace.

Millennium Management LLC, the uncontested leader among holders, showcases 20,859,447 shares valued at 844 million dollars. Just behind, Schonfeld Strategic Advisors LLC holds 6,128,450 shares, valued at 248 million dollars. Even the Wisconsin Investment Board joins the party with 2,450,400 shares.

The Grayscale Bitcoin Trust (GBTC), a veteran in the sector, boasts 619 institutional holders, but that’s not counting on the recent conversion to a spot bitcoin ETF, giving this financial dinosaur a new lease of life.

The numbers speak for themselves: as of May 16, IBIT held 276,190 BTC, more than 18 billion dollars. The week was fruitful with cumulative inflows of 948.3 million dollars for U.S. bitcoin ETFs.

Blackrock’s CEO, Larry Fink, a die-hard bitcoin fan, didn’t miss the chance to highlight that IBIT is the fastest-growing ETF in history. Who would have thought that bitcoin in a tuxedo would attract so many guests?

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Mikaia A. avatar
Mikaia A.

La révolution blockchain et crypto est en marche ! Et le jour où les impacts se feront ressentir sur l’économie la plus vulnérable de ce Monde, contre toute espérance, je dirai que j’y étais pour quelque chose


The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.