BlackRock's iShares Bitcoin Trust became the leader among U.S. ETFs for the first time, recording a staggering $877.18 million in daily inflows. This event highlights the growing interest investors have in cryptocurrencies.
Record Inflows for iShares Bitcoin Trust
According to Bloomberg analysts, this is the first time iShares Bitcoin Trust has led in daily inflows in the U.S. Recently, the fund grew its assets by $2.13 billion, with a net inflow of $7.56 billion over the past month. This indicates increasing trust in cryptocurrencies due to regulatory frameworks.
Comparison with Other ETFs
Other ETFs also report significant inflows. The TLT ETF, which tracks Treasury notes, saw $851.83 million flow in on the same day, but its monthly total trails behind that of iShares Bitcoin Trust. Conversely, the FTLS fund, operating on a long/short strategy, captured $808.38 million but showed steady weekly and monthly results.
Shifts in the ETF Market
The ETF market exhibits mixed results. For instance, the IVV ETF recorded $761.47 million in daily inflows but also faced a significant outflow of $7.19 billion over the week. Additionally, investors have been pulling out from the gold-backed GLD fund, which lost $2.43 billion monthly, indicating a potential preference for cryptocurrencies and equities.
Thus, the increase in inflows for iShares Bitcoin Trust underscores the rise of new competitors in the ETF market and the growing perception of Bitcoin as a mainstream asset among investors.
