BlackRock’s iShares Bitcoin Trust (IBIT) set a record by attracting $520 million in a single day, highlighting a growing interest that has pushed Bitcoin’s price higher.
This influx represents the largest daily gain for U.S. ETFs directly investing in Bitcoin.
It also stands as the second-highest daily gain for any U.S. ETF, Bloomberg reports. The trend continued the following day.
As Bitcoin crosses $60,000, nearing record highs, BlackRock’s fund underscores the digital asset’s strong performance this year.
The recent launch of spot-priced ETFs has opened new investment channels, drawing in wealth managers, hedge funds, and retail investors.
“BTC ETFs have significantly influenced the rally,” observed Stephane Ouellette, CEO of FRNT Financial.
He noted that fewer than 20% of investment advisors are currently approved to invest in such products, expecting this to change over time.
Bitcoin’s price has consistently risen, supported by the debut of around 12 crypto ETFs, and is now close to its all-time high of nearly $69,000.
This surge has boosted the broader digital asset market, even causing disruptions on the Coinbase Global exchange.
Bitcoin’s Rise and ETF Impact
Bitcoin has increased more than 45% since the year’s start, outperforming many other assets.
The anticipation and introduction of new funds have been crucial, with JPMorgan strategists suggesting that Bitcoin’s success could lead to more ETF sales.
Amidst Bitcoin’s gains, IBIT, valued at $6.5 billion, has seen continuous capital inflows for 32 days.
Following closely is the Fidelity Wise Origin Bitcoin Fund (FBTC), which has also experienced a steady inflow since its launch, attracting $4.48 billion in net investments.
These inflows highlight the continuous demand for spot Bitcoin ETFs and the appeal of ETFs for trading digital assets.
Wednesday noon, 9 Bitcoin ETFs, excluding Grayscale’s GBTC, had a combined daily trading volume of over $2.6 billion.
IBIT set a new record with $1.5 billion in trades, Bloomberg Intelligence reported..
Jim Bianco of Bianco Research wasn’t surprised by IBIT’s dominance, attributing the flows to retail traders driving up the price.
Live Market IntelligenceCrypto — Live Market Board
Rio Times · Live Market Intelligence
Crypto — Live Market Board
-0.26%
| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| BTC | 63,384 | -0.26% | -47.24% | 63,552 | 64,346 | 63,305 | 22,774,743,040 |
| ETH | 1,886 | +0.26% | -58.90% | 1,881 | 1,920 | 1,879 | 7,916,475,392 |
| SOL | 75.89 | -0.40% | -60.44% | 76.20 | 76.99 | 75.39 | 1,473,821,056 |
| XRP | 1.01 | -1.15% | -69.07% | 1.02 | 1.02 | 1.01 | 1,144,044,416 |
| BNB | 609.60 | -1.12% | -26.81% | 616.50 | 619.30 | 609.23 | 1,266,706,432 |
| ADA | 0.18 | -1.98% | -78.22% | 0.19 | 0.19 | 0.18 | 238,085,632 |
| DOGE | 0.07 | -1.56% | -70.00% | 0.07 | 0.07 | 0.07 | 553,256,192 |
| AVAX | 6.38 | +1.04% | -74.11% | 6.32 | 6.42 | 6.21 | 248,470,560 |
| LINK | 8.77 | -0.06% | -62.73% | 8.77 | 8.87 | 8.68 | 317,054,880 |
| DOT | 0.78 | -0.75% | -81.11% | 0.79 | 0.80 | 0.78 | 43,490,492 |
| LTC | 45.08 | -0.85% | -65.45% | 45.47 | 45.59 | 44.98 | 143,727,712 |
| BCH | 213.85 | +0.10% | -65.44% | 213.64 | 215.69 | 212.54 | 137,956,688 |
| TRX | 0.34 | +0.28% | -4.73% | 0.33 | 0.34 | 0.33 | 436,576,064 |
| XLM | 0.16 | -1.33% | -64.46% | 0.16 | 0.16 | 0.16 | 89,559,864 |
| HBAR | 0.07 | -0.53% | -74.67% | 0.07 | 0.07 | 0.07 | 22,546,186 |
| NEAR | 1.65 | +2.42% | -40.55% | 1.62 | 1.68 | 1.61 | 187,591,264 |
| ATOM | 1.40 | -2.36% | -70.15% | 1.44 | 1.44 | 1.40 | 18,626,964 |
| AAVE | 89.06 | +0.93% | -72.33% | 88.24 | 90.20 | 88.19 | 129,099,704 |
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