BlackRock Bitcoin ETF’s $600 Mln Inflow Outpaces Gigantic GBTC Outflow
Highlights
- The Spot Bitcoin ETFs registered a 86% plunge in net inflows.
- Grayscale's GBTC recorded second-highest outflow since inception.
- BlackRock's IBIT recorded robust Inflows, which offset the GBTC outflows.
In a whirlwind of activity in the ETF market, BlackRock’s Bitcoin ETF (IBIT) stood out as a stabilizing force, absorbing a staggering $600 million inflows amidst massive outflows from the Grayscale Bitcoin Trust (GBTC). However, the overall inflow figure for the Spot BTC ETFs was weak owing to the gigantic GBTC outflows.
BlackRock Bitcoin ETF Saves The Day
According to Farside UK data, Grayscale’s GBTC saw $598.90 million exiting its coffers, which is the second largest outflow since its inception on January 11. The massive outflows attributed either to Genesis liquidation or other institutional selling due to the Bitcoin price surpassing $60,000.
Notably, BlackRock’s IBIT recorded a strong inflow of $603.90 million that offset the negative flows from GBTC, preventing a downturn in the market. This influx of funds into the BlackRock Bitcoin ETF underscores growing institutional interest in cryptocurrencies, particularly Bitcoin, despite short-term fluctuations.
With Bitcoin’s price holding steady in the face of significant GBTC outflows, all eyes are on the market’s response to BlackRock’s ETF activity. Meanwhile, Fidelity Wise’s FBTC emerged as the ETF with second-highest inflows on Thursday with $44.80 million net inflow. In addition, the Bitwise’s BITB registered an inflow of $21.70 million. However, the total Spot Bitcoin ETF inflow stood at $92.3 million, plunging 86% from Wednesday’s net inflow of $674.3 million.
Also Read: Blackrock’s Bitcoin ETF Nears $10 Billion AUM Sooner Than Expected
BlackRock’s IBIT To Make Brazil Debut
BlackRock is not only grabbing the spotlight owing to its massive inflows but is also extending its BTC ETF offering to Brazil. The company intends to accomplish this venture in partnership with B3, the nation’s stock exchange operator. Notably, this move represents the asset manager’s debut crypto ETF in the South American country.
Furthermore, the expansion serves as a clear indicator of BlackRock’s successful entry into the Spot Bitcoin ETF sector, with IBIT’s Assets Under Management (AUM) nearing the $10 billion mark. Karina Saade, President of BlackRock in Brazil, affirmed the decision.
Saade said, “Our digital asset journey has been underpinned by the goal of providing high-quality access vehicles to investors. IBIT39 is a natural progression of our efforts over many years and builds on the fundamental capabilities we have established so far in the digital asset market.”
Also Read: Spot Bitcoin ETF: BlackRock To Launch IBIT In Brazil
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