BlackRock’s iShares Bitcoin Trust ETF (IBIT) has witnessed a significant surge in inflows, marking its highest daily net inflow in 35 days. This occurred as BTC briefly dipped below $64K.
Inflows on August 26
On August 26, IBIT recorded a $224.1M net inflow as investors took advantage of BTC’s brief slip. This marks the most substantial inflow since July 22, when $526.7M was attracted in a single day as BTC spiked to $67,534. The recent surge in inflows comes at a time when BTC experienced a slight pullback, dropping 1.09% in the last 24 hours to $62,901, down from a daily high of $64,121.
Performance of Other BTC ETFs
While IBIT dominated the inflows, other BTC ETFs, such as Franklin Bitcoin ETF (EZBC) and WisdomTree BTC Fund (BTCW), saw net inflows of $5.5M and $5.1M, respectively. However, some funds, including those from Bitwise, Fidelity, and VanEck, experienced combined net outflows of $32.1M. Meanwhile, Ether (ETH) ETFs in the U.S. reported joint net outflows of $13.2M, reflecting a 2.22% drop in ETH’s price to $2,686 over the past day.
Weekly Market Trends
The impressive inflows for IBIT come on the heels of its leading position among global crypto investment products for the week ending August 23. According to CoinShares, Bitcoin investment products saw their highest weekly inflows from Aug 18 to 24, totaling $533M. IBIT alone accounted for $318M of these inflows, highlighting its dominance in the market.
BlackRock’s iShares Bitcoin Trust ETF recorded significant inflows amid recent BTC market fluctuations, highlighting investor interest in crypto investment products despite ongoing market volatility.
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