BlackRock's iShares Bitcoin Trust (IBIT), the leading spot Bitcoin ETF in the US, is back in the spotlight with a significant influx of capital. Here's a breakdown:
IBIT Soars: The ETF recorded a whopping $290 million inflow on Tuesday, exceeding its inflows for the past three weeks combined.
Market Leader: This surge positions IBIT as the primary driver behind the total $305.7 million net inflow for all US spot Bitcoin ETFs on that day.
Reversal of Trend: This marks a significant turnaround for IBIT, which had seen minimal to no inflows for the past six weeks.
Related:https://www.meowdini.news/post/bitcoin-poised-for-new-highs-derivatives-hint-at-bullish-rally
Bitcoin Rally Boost: The recent Bitcoin price increase of 12% within a week is likely a contributing factor to the renewed enthusiasm for Bitcoin ETFs.
Hot on Grayscale's Heels: With the latest inflow, IBIT's total inflows since launch have reached $16 billion, closing the gap on industry leader Grayscale's GBTC which boasts $20 billion in assets under management.
Limited Outflows: While IBIT enjoys a surge, other spot Bitcoin ETFs like HODL and BITB witnessed minor outflows on Tuesday.
Overall, the positive sentiment surrounding Bitcoin and the potential approval of US spot Ethereum ETFs are fueling a resurgence in Bitcoin ETF inflows. BlackRock's IBIT is at the forefront of this trend, consolidating its position as a major player in the cryptocurrency investment space.
Disclaimer: This information is for educational purposes only and should not be considered financial advice. Always conduct your research before making any investment decisions.
Source:Advfn
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