BlackRock's Spot Bitcoin ETF Records $526 Million in Inflows

BlackRock's spot Bitcoin exchange-traded fund (ETF), the iShares Bitcoin Trust (IBIT), saw a massive inflow of $526 million on Monday. This marked the largest single day of inflows for the ETF since March.

JUST IN: BlackRock spot #Bitcoin ETF had $523 million inflows today.— Bitcoin Magazine (@BitcoinMagazine) July 22, 2024

On July 22nd, IBIT attracted nearly $527 million in net inflows, bringing BlackRock's Bitcoin fund's total assets under management to over $22 billion.

Monday's gain was the seventh-largest daily inflow on record for IBIT in dollar terms. Its previous record was set on March 18th, when the fund saw $849 million worth of Bitcoin inflows.

Across all spot Bitcoin ETFs in the U.S., total net inflows reached $530 million on Monday - the highest weekly total in over seven weeks. The surge signals renewed institutional appetite for Bitcoin investment products.

Other spot Bitcoin ETFs, such as the Fidelity Wise Origin Bitcoin Trust and the Invesco Galaxy Bitcoin ETF, also saw solid inflows. However, BlackRock's IBIT dominated, accounting for over 98% of total inflows.

Analysts cite improving sentiment around Bitcoin as a tailwind for ETF demand. The recent exit of President Biden from the 2024 race and rising odds of a Trump victory are seen as potential catalysts.

BlackRock's spot Bitcoin ETF is going strong, cementing its position as the largest Bitcoin fund in the world. The huge inflows reflect persistent and growing institutional demand for regulated Bitcoin investment vehicles.