BlackRock’s iShares Bitcoin Trust (IBIT) Attracts $320M in Inflows

BlackRock’s iShares Bitcoin Trust (IBIT) continues to gain traction in the cryptocurrency market, with recent data revealing a significant influx of $320 million in new investments. This surge in inflows comes as BlackRock CEO Larry Fink has praised IBIT as the “fastest-growing ETF in the history of ETFs.”

A Remarkable Journey

Since its launch, IBIT has captured the attention of investors, accumulating a total of $13.5 billion in inflows within the first 11 weeks. Notably, on March 12, the trust reached a daily high of $849 million in flows. On average, IBIT receives over $260 million in daily inflows, contributing to its remarkable growth.

Enhancing the Market

Fink acknowledged the significance of this achievement, highlighting the positive impact of IBIT on the market. The trust has enhanced liquidity and transparency, creating a more robust ecosystem for Bitcoin investments. Fink also expressed his bullish outlook on Bitcoin’s long-term viability and the increasing demand from retail investors.

Impressive Holdings

Currently, IBIT holds a substantial $17.1 billion worth of Bitcoin, according to BitMEX Research. Impressively, it took only two months for the trust to surpass the $10 billion mark, a milestone that the first gold ETF took two years to achieve. Among approved ETFs, IBIT ranks second in terms of Bitcoin holdings, trailing behind the Grayscale Bitcoin Trust, which holds $23.6 billion in BTC.

Spot Bitcoin ETFs Inflows

On March 27, spot Bitcoin ETFs collectively received net inflows of $243 million. According to data from SoSoValue, BlackRock ETF IBIT had a single-day net inflow of $323 million, while Ark Invest’s ARKB recorded a single-day net inflow of $200 million. Conversely, Grayscale’s GBTC experienced a single-day net outflow of $299 million.

The price of Bitcoin has maintained the $70,000 mark amid the news that the London Stock Exchange plans to introduce Exchange-Traded Notes (ETNs) for BTC and ETH in May. The decision follows the exchange’s previous announcement that it would accept applications for crypto ETNs during the second quarter of this year.