Key Takeaways
Despite a 4% drop in Bitcoin’s price, BlackRock’s Bitcoin ETF drew $318 million in net inflows.
The recent expansion of IBIT contributes to US spot Bitcoin ETFs holding over 1 million Bitcoin.
For financial investors, BlackRock’s spot Bitcoin ETF, the IBIT fund, remains a favored choice. Despite a 4% drop to $68,800 in Bitcoin’s price, the fund drew about $318 million in net inflows on Oct. 31.
The inflow came after IBIT’s record-breaking performance of $875 million on Oct. 30, surpassing its previous high of $849 million. The fund’s weekly inflows have now exceeded $2 billion, according to data from Farside Investors.
On Thursday, Valkyrie’s BRRR fund also added nearly $2 million. Other ETF providers, on the other hand, encountered substantial redemptions.
Fidelity’s FBTC ended its two-week positive streak with over $75 million in net outflows. ARK Invest/21Shares, Bitwise, VanEck, and Grayscale ETFs collectively reported $213 million in outflows.
Despite the varying performance among ETFs, the massive influx into IBIT effectively helped the US spot Bitcoin ETF group maintain a positive momentum, adding over $30 million in new investments. This marks the sector’s seventh consecutive day of net inflows.
Since its inception, IBIT has amassed almost $30 billion in assets, with roughly half of that amount collected in the past month. The combined holdings of US spot ETFs have now surpassed 1 million Bitcoin.
Bloomberg ETF analyst Eric Balchunas observed that, despite being less than ten months old, IBIT has attracted more investment than any other ETF in the past week, surpassing established funds like VOO, IVV, and AGG.
$IBIT took in more cash than any other ETF globally over the past week. This is out of 13,227 ETFs, which includes$VOO$IVV$AGG, etc. It’s extremely challenging to outperform these veteran Cash Vacuum Cleaners, even for a week, especially for an infant ETF (3mo-1yr old) pic.twitter.com/S443lUXVQk
— Eric Balchunas (@EricBalchunas) October 31, 2024