BlackRock Bitcoin ETF Gets Largest Inflow in August as BTC Slips
BlackRock’s leading Spot Bitcoin ETF has seen its largest inflow in a month amid BTCs recent slip. Indeed, the $10 trillion asset manager iShares Bitcoin Trust (IBIT) has observed its largest inflow since July 22. Moreover, it took place as the leading crypto fell below the $64,000 level.
It has been a volatile few months for Bitcoin and for its various ETF offerings. Yet, BlackRock has remained in the driver’s seat, with its recent performance looking like a return to form the investment offering. This could especially be true as investors are looking to take advantage of BTC’s underwhelming position.
Also Read: BlackRock to Launch L2 Network Compatible With Ethereum?
BlackRock Bitcoin ETF has Largest Inflow Since July
2024 has been quite the year for Bitcoin. Although it had reached an all-time high of $73,000 in March, it hasn’t enjoyed that level of success since. In the last 30 days, the token has fallen more than 9% according to CoinMarketCap. Additionally, its 2% drop in the last 24 hours has led it to trade at the $62,000 level.
Yet, that appears to be good for the asset’s investment offerings. Indeed, BlackRock’s Bitcoin ETF has observed its largest inflow in August as BTC has stumbled. Specifically, it recorded $224 million in net inflow on August 26th. That was its largest since recording $526.7 million on July 22, according to Farside Investors data.
Also Read: Is Bitcoin Headed for a Drop? The Ripple Effect of Fed’s Moves
Continuing the trend, IBIT led all 11 Bitcoin ETFs in the United States. Collectively, the products recorded $202.6 million in daily net inflows. However, Bitwise, Fidelity, and VanEck combined for total net outflows exceeding $32 million. This clearly reinforces the dominance of BlackRock’s offering.
Yet, there were two other BTC ETFs that posted inflows. Indeed, data shows both the Franklin Bitcoin ETF (EZBC) and the WisdomTree Bitcoin Fund (BTCW) recorded positive figures. Specifically, they noted $5.5 million and $5.1 million net inflows, respectively.