BlackRock’s iShares Bitcoin Trust Sees Explosive $3 Billion Inflows Amid BTC Surge
2024-11-14

The spot Bitcoin exchange-traded fund (ETF) offered by the world’s largest asset manager BlackRock, the iShares Bitcoin Trust (IBIT), has seen over $3 billion of inflows over the past five days.
According to data from Farside Investors, on November 7 BlackRock’s fund saw $1.119 billion inflows, while on the following day its inflows topped the $206 million mark. At the start of this week, the fund saw $756.5 million coming in, while on November 12 it brought in $778.3 million. On November 13, IBIT saw $230.8 million inflows.
In total, the fund saw over $3 billion inflows, at a time in which cryptocurrency prices were surging. Over the past week, BTC’s rise rose 21.1% to now trade at $90,700, down from a new all-time high around $93,000.
As CryptoGlobe reported, the spot Bitcoin ETFs launched in the United States earlier this year have seen their total assets cross the $90 billion mark after seeing a $6 billion ump in a single day, and are now over three-thirds of the way of surpassing gold ETFs in assets.
That’s according to senior Bloomberg ETF analyst Eric Balchunas, who on the microblogging platform X (formerly known as Twitter) pointed out that spot Bitcoin ETFs’ $6 billion jump in a day came with $1 billion of inflows, and $5 billion of market appreciation amid a significant BTC price rise.
According to Farside Investors’ data, spot Bitcoin ETFs’ total cumulative flow is at $28.3 billion.
Notably, cryptocurrency investment products have also been seeing significant inflows, bringing in $1.98 billion in the week after Republican candidate Donald Trump won the US presidential elections.
According to CoinShares latest Digital Asset Fund Flows report, the inflows couple with the cryptocurrency market rally have pushed the total assets under management of crypto investment products to a $116 billion high.
The report details that Bitcoin-focused investment products saw $1.79 billion inflows over the past week, while Ethereum-focused products saw $157 million inflows.
Featured image via Pexels.