The investment firm BlackRock has significantly increased its investments in Bitcoin exchange-traded funds (ETFs). The company's Global Allocation Fund reported a substantial rise in its assets in Bitcoin ETFs, coinciding with a new wave of inflows into cryptocurrency ETFs following the US presidential election.
Increase in BlackRock Investments
BlackRock's Global Allocation Fund reported owning 430,770 shares of IBIT as of October 31, valued at approximately $17.13 million. Previously, on July 31, the fund held 198,874 shares. This indicates a sharp increase in BlackRock's interest in Bitcoin ETFs.
Cryptocurrency ETF Flows
On December 24, Bitcoin ETFs recorded a total outflow of $338.4 million, contributing to $1.52 billion in net outflows since December 19. Meanwhile, Ether ETFs saw substantial inflows, registering $53.6 million on December 24 and $130.8 million the day before.
Crypto ETFs: 2024 Leadership
December 16 marked a major milestone for the cryptocurrency industry as US crypto ETFs surpassed gold ETFs in assets under management for the first time, reaching $129 billion. This event was noted as a key stage in the development of the crypto industry.
The increase in investments in cryptocurrency ETFs like BlackRock's fund reflects the ongoing interest in digital assets. It highlights the growing significance of cryptocurrencies in the global financial market.
