Featured image from Unsplash, Chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
BlackRock\u2019s iShare Bitcoin Trust (IBIT) registered its first daily net inflow in three weeks, leading to US spot Bitcoin exchange-traded-funds (ETFs) witnessing a combined net inflow of $12.8 million, data from Farside Investors confirms. BlackRock\u2019s Spot Bitcoin ETF Attracts Net Inflows, How About Other ETFs? BlackRock forayed into the Bitcoin ETF space when the US Securities and Exchange Commission (SEC) approved IBIT in January 2024. Dubbed the world\u2019s largest asset manager with a total asset-under-management (AUM) of $9 trillion, BlackRock\u2019s entry into the nascent crypto ETF ecosystem was met with much enthusiasm by investors as it not only brought a degree of sophistication but also exhibited institutional approval toward the industry. Related Reading: BlackRock Calls Bitcoin \u2018Hedge Against Global Disorder\u2019, Analyst Sets $600,000 Target Yesterday, the asset manager\u2019s regulated financial product pulled $15.8 million in daily net inflows, a first since August 26, 2024. The net inflow of funds into IBIT was strong enough to push the wider US spot Bitcoin ETF market into green territory, with a combined net inflow of $12.8 million. IBIT’s three weeks of no net daily inflows consisted of 11 days with zero flows, while two days – August 29, and September 9 – saw net daily outflows to $13.5 million and $9.1 million, respectively. Looking at the performance of other spot Bitcoin ETFs, Grayscale\u2019s GBTC product witnessed a net daily outflow of $20.8 million. At the same time, Fidelity\u2019s FBTC, Franklin Templeton\u2019s EZBC, and VanEck\u2019s HODL experienced a net daily inflow of $5.1 million, $5 million, and $4.9 million, respectively. According to data from cryptocurrency ETF tracker SoSoValue, BlackRock\u2019s IBIT reigns supreme among US-based spot Bitcoin ETFs, with an enviable cumulative net inflow of $20.9 billion since the product\u2019s inception early this year. FBTC follows this with $10.1 billion, Ark and 21Shares\u2019 ARKB with $2.6 billion, and Bitwise\u2019s BITB with $2.2 billion.\u00a0 In contrast, GBTC has witnessed a cumulative net outflow of $20 billion. Analysts blame the product’s exorbitant fee of 1.5% as a major reason for GBTC\u2019s performance to date. For comparison, IBIT has a fee of 0.21%. Spot Ethereum ETFs Continue Their Lackluster Performance While spot Bitcoin ETFs ended the day with a combined net inflow of $12.8 million, spot Ethereum ETFs experienced a combined net outflow of $9.4 million. Akin to its Bitcoin ETF, Grayscale\u2019s Ethereum ETF (ETHE) witnessed a net daily outflow of $13.8 million, followed by Bitwise\u2019s ETHW with a $2.1 million net outflow. Only Grayscale\u2019s mini Ethereum ETF (ETH) successfully attracted net inflows worth $2.3 million. Related Reading: Ether Liquidity Plummets 40% On Exchanges After ETF Debut Since their approval in May 2024, Ethereum ETFs haven\u2019t performed as well as Bitcoin ETFs when attracting significant inflows. The tepid performance of Ethereum ETFs is reflected in the digital asset\u2019s price as it continues to underperform against Bitcoin. Ethereum trades at $2,307 at press time, slightly up by 0.6% in the past 24 hours.\u00a0 Featured image from Unsplash, Chart from Tradingview.com<\/p>\n","protected":false},"author":619,"featured_media":642648,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,532,7720,1119,1558,1946,10384,78803,3799],"class_list":["post-642632","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-etf","tag-blackrock","tag-btc","tag-cryptocurrency","tag-ethereum","tag-ethereum-etf","tag-ethusdt","tag-sec"],"acf":[],"yoast_head":"\n
Bitcoin ETF By BlackRock Registers First Daily Net Inflow In 3 Weeks: What To Know<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n