Summary Points
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Record Inflows: BlackRock’s iShares Bitcoin Trust (IBIT) experienced $481 million in inflows on May 28, marking 33 consecutive days of positive inflows totaling nearly $9.5 billion this year.
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Institutional Dominance: IBIT ranks in the top 5 ETFs by inflows out of over 4,200 funds, with $48.8 billion since its January 2024 launch, significantly driven by institutional interest, as retail participation wanes.
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Bitcoin’s Asset Growth: The fund now manages $71 billion, equivalent to approximately 650,000 BTC, highlighting its rapid growth and prominence in the cryptocurrency market.
- Market Dynamics: Despite a recent dip in spot markets, with Bitcoin struggling to regain $108,000, Ethereum saw a 4% increase, indicating mixed market activity amid ongoing institutional purchases.
BlackRock Bitcoin ETF Sees $4B Inflow in 14 Days
BlackRock’s iShares Bitcoin Trust (IBIT) continues its impressive performance. The fund recorded a staggering $481 million inflow on May 28, marking the 33rd consecutive day of inflows. Since April 9, IBIT has not seen a single outflow.
In the past two weeks alone, the ETF attracted nearly $4 billion. That translates to an average daily inflow of about $430 million. Nate Geraci, President of ETF Store, commented, “Inflows in 30 of the past 31 days total nearly $9.5 billion.”
This surge places IBIT among the top five ETFs by inflows this year, out of over 4,200 funds available. By now, the ETF manages around $72 billion in assets, equivalent to approximately 650,000 bitcoins. Notably, BlackRock was the only Bitcoin ETF to see inflows on Wednesday, while rivals like Fidelity and Ark 21Shares reported outflows.
Market analysts view this rally as institutionally driven. Major corporations, including GameStop, are increasingly adding Bitcoin to their balance sheets. Bloomberg analyst Eric Balchunas predicted a “Big Boy US company” might adopt Bitcoin soon. He suggested that if companies like Meta or Microsoft get involved, it could significantly impact the market.
Meanwhile, the broader crypto market faced a slight downturn. Bitcoin dipped by 1% as it struggled to reclaim the $108,000 mark during Asian trading sessions. In contrast, Ethereum gained 4%, surpassing $2,750.
Investors remain optimistic about the future of digital assets. With growing institutional interest, the landscape for cryptocurrencies continues to evolve.
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