• Thu. Feb 22nd, 2024

BlackRock’s BTC ETF Records Major Milestone, Inflow Exceeds $1 Billion

Maria Bartiromo

ByMaria Bartiromo

Jan 19, 2024

BlackRock’s Bitcoin exchange-traded fund (ETF), iShares Bitcoin Trust (IBIT), has become the first in its category to surpass the threshold of $1 billion in net inflows. According to data gathered by Bloomberg, investors put in an incredible $371 million in a single day on Wednesday, pushing the fund beyond the $1 billion mark.

It is on record that Fidelity and BlackRock have taken an early lead in consolidating the newly launched assets, with both of them getting 68% of the total inflow across all nine ETFs and worth almost $2 billion.

The trading statistics from CoinDesk shows iShares Bitcoin Trust (IBIT) took the lead in Tuesday’s trading with 16,362 BTC. Wise Origin Bitcoin Fund (FBTC) by Fidelity seconfed with 12,112 BTC. Grayscale BTC Trust (GBTC) followed suit with 25,000 BTC.

Fidelity and BlackRock Attracts Most Investors, Woo More 

BlackRock and Fidelity have worked together to drive early consolidation in the early stages of the Bitcoin ETF market. With almost $2 billion in total inflows, BlackRock and Fidelity have cemented their roles as major participants in the developing market for cryptocurrency investment products.

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As the best-performing option, BlackRock’s iShares Bitcoin Trust has drawn interest from investors looking to gain exposure to Bitcoin through a reliable and regulated channel. Data published by Bloomberg shows that on Wednesday, some investors had deposited $371 million which pushed the Ishares Bitcoin Trust (IBIT) above the expected milestone – Fidelity topped the second runner-up.

The inflow by Fidelity Investments was ranked the biggest single investment made in a day since the launch of the Spot ETF funds. Investigations show that a total of $880 million has been deposited into Fidelity Investment’s fund so far.

Bloomberg Intelligence Publishes Data, Franklin Templeton Records the Least Inflow

Statistics published by Bloomberg Intelligence revealed that the major portion of the investment inflow is coming from investors who left the GBTC fund through Grayscale Investment after the United States SEC’s approval of ETF.

Explaining the various management fees by top ETF companies, Bloomberg Intelligence named Grayscale BTC ETF as the top enforcer, with 1.5% as the management fee. Fidelity Investments and BlackRock do not have the lowest management fee among the BTC ETF participants.

Its fees are currently a fraction of the cost of GBTC. Another participating company, Franklin Templeton charges 0.19% in management fee. Franklin has recorded the least inflow, recording only 2% investment. 

Grayscale’s Bitcoin Trust Accumulated $28 Billion, iShares Boss Address Press 

Market watchers are cautious about possible changes in the legal environment and market dynamics. It also revealed that the BTC Trust by Grayscale, which has been in operation since 2013, had already accumulated $28 billion when it was converted to an ETF.

The Trust has also seen around $1.6 billion in outflows since the beginning of the trade. Addressing the press, the iShares head of United States products at BlackRock, Rachel Aguirre, said that the company is witnessing a reasonable amount of flows from multiple directions.

He added that the investment the company has witnessed came from all sectors of investors, ranging from self-directed retail investors to those who wish to invest the same day the product was launched. As at press time, BlackRock is in possession of 25,067 BTC, which is valued at more than $1 billion which is up and running in it’s spot BTC ETF. 

Maria Bartiromo

Maria Bartiromo

Maria Bartiromo is a renowned news writer and journalist, celebrated for her insightful reporting and authoritative voice. With a career spanning years, she has established herself as a trusted source of accurate and comprehensive news analysis, keeping readers informed on vital global developments.

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