NewsletterBlackRock Bitcoin ETF Sees $0.5 Billion Inflow, IBIT Share Jumps
Highlights
- BlackRock IBIT's total Bitcoin holdings are now valued at $22.5 billion.
- The IBIT share price has surged more than 20% in the past two weeks amid strong inflows.
- Market analysts are predicting that the BlackRock Ethereum ETF could also see similar success.
The BlackRock Bitcoin ETF (IBIT) continued with its unprecedented inflow streak recording more than $500 million worth of inflows on Monday, July 22. With this, IBIT’s total inflows in the last 12 trading sessions have reached nearly $2 billion, with the total inflows crossing $19.5 billion since the launch in January. This has pushed the IBIT share price on a strong recovery path over the past two weeks.
BlackRock Bitcoin ETF Roars
BlackRock Bitcoin ETF IBIT has been single-handedly contributing to a large majority of the total inflows in the US Bitcoin ETFs. This shows that there’s a growing institutional confidence in the market accompanied by strong retail participation.
On Monday, BlackRock’s IBIT recorded nearly $1 billion in trading volumes for the third time in the past week. The Bitcoin product now currently holds more than 325,000 BTC worth more than a staggering $22.5 billion. On the other hand, Fidelity’s FBTC ranks second with an AUM of $12.19 billion.
U.S. Bitcoin ETF market caps 👇 $IBIT w/ $22.3 Billion, $FBTC $12.2 Billion, $ARKB $3.4B, $BITB 2.8B pic.twitter.com/wc60z3pmOu
— HODL15Capital 🇺🇸 (@HODL15Capital) July 22, 2024
Amid these stellar inflows and trading volumes, the iShares Bitcoin Trust (NASDAQ: IBIT) share price has surged by 20% in the past two weeks. The IBIT share price has already been up more than 46% since the launch in January. The immediate resistance for IBIT is $40.50 on the upside. If it manages to breakout above this, we could see a further rally in IBIT shares.
Also Read: Grayscale & Bitwise Ethereum ETF Gets SEC Nod For NYSE Trading
Will Ethereum ETF Bring the Same Success?
BlackRock is also one of the major issuers of spot Ethereum ETF scheduled to go live on Tuesday. Crypto ETFs could prove to be a winning formula for BlackRock as the financial giant recently crossed more than $10 billion in net assets under management. The asset manager has kept a competitive management fee of 0.25% for Ether ETFs.
On the other hand, speculations are ripe that BlackRock CEO Larry Fink could become the next Treasury Secretary of the US if Donald Trump wins the upcoming elections.
Also Read: BlackRock AUM Tops $10.6 Trillion Amid Solid Q2 Earnings
Just before the Ether ETFs go live for trading, the Ethereum price has come under some selling pressure dropping to $3,450 levels.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Another Solana ETF Incoming? Invesco Galaxy Makes Final Filing to Begin CBOE Trading
- Bitcoin, Crypto Market to Remain Range-Bound After FOMC Meeting, Matrixport Predicts
- TRUMP Coin Gets Big Utility Boost With President Trump–Inspired Game Set for Launch
- Avalanche, Crypto Associations Held Key Meeting with US SEC Crypto Task Force
- Tidal Trust Files For ‘Bitcoin AfterDark ETF’, Could Off-Hours Trading Boost Returns?
- XRP Price Eyes Big Breakout as Triangle Pattern Signals 16% Move
- HYPE Price Drops 7% as $2.2M Shift and 10M Token Unlocks Stir Fear — What’s Next?
- Ethereum Price Breaks $3,390: What’s Driving 10% Surge?
- Shiba Inu Price Surges as Whale Transfers Hit Highest Levels Since June
- Bitcoin Price Alarming Patterns Point to a Dive to $80k After FOMC Decision
- Pi Network Price Could Surge to 15%, But Watch Out for This
