BlackRock's IBIT Bitcoin ETF Boasts $23B in Net Inflows, Ranks Third Overall in 2024

BlackRock's IBIT now boasts over $23 billion in total net inflows, solidifying its position as the dominant player in the Bitcoin ETF market.

BlackRock's iShares Bitcoin Trust ETF (NYSE:IBIT) now boasts a total of over $23 billion in net inflows. This impressive figure solidifies iShares' position as the dominant player in the Bitcoin ETF market.

More interestingly, IBIT ranks third in the ETF ranking in terms of net fund inflows in 2024, behind only Vanguard and BlackRock's S&P 500 index funds, namely VOO and IVV. is placed lower.

Rapid increase in total net inflows

As of October 21st, US exchange-traded funds whose underlying asset is Bitcoin have exceeded total net inflows by $21.23 billion, which is a huge achievement, especially considering These funds have been operating in the market for less than a year. For comparison, it took almost five years for exchange-traded funds to reach this milestone.

On October 21st, the price of Bitcoin hit a three-month high of $69,487 before falling to around $68,570. This price movement may be affected by the delayed effect of some of the ETF investments that Bitfinex analysts have pointed out, and it could take some time to be reflected in the spot price.

The perfect storm for digital currency investments

The recent surge in Bitcoin ETF inflows has been attributed to a combination of factors that some experts are describing as a "perfect storm" for cryptocurrency investments.

Chris Arolea, head of institutions at Bybit, noted that the upcoming US election has given investors confidence, according to Cointelegraph.

With positive comments from both sides of the political spectrum regarding digital currencies, clearer regulations are expected to be implemented.

Furthermore, KuCoin CEO Alicia Kao pointed out that macroeconomic optimism is fueling this trend. The latest economic data has eased fears of a recession and the Federal Reserve has started to cut interest rates.

This space encourages the participation of hedge funds in digital assets, and currently 47% of traditional hedge funds invest in digital currencies, which has increased from 29% in 2023. Kao emphasized that many of these funds plan to maintain or increase their digital assets in the near future.

The influence of Asia on the market

On October 15, MetaPlant announced that it had purchased approximately 107 bitcoins, leading to a 15.7% increase in its stock price that day. With this latest purchase, MetaPlant now owns 855.5 Bitcoins, which is worth $57.8 million at current market prices.

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