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Cryptocurrency News Articles
BlackRock's Bitcoin ETF Market Dominance Reflects Growing Institutional Interest
Oct 19, 2024 at 08:10 pm
BlackRock's Bitcoin exchange-traded fund (ETF) experienced a surge in demand. The total market capitalization for spot Bitcoin ETFs surpassed $63 billion
BlackRock's Bitcoin exchange-traded fund (ETF) saw a surge in demand, driving the total market capitalization for spot Bitcoin ETFs to surpass $63 billion this week, with nearly $20 billion in net inflows.
Out of the $2.1 billion in net inflows received by spot Bitcoin ETFs over the past five trading days, BlackRock's Bitcoin ETF accounted for half of these inflows.
Samara Cohen, Chief Investment Officer for BlackRock's ETFs and index investments, shared her insights during the Permissionless Conference in Utah, highlighting that the surge indicates a rising demand for easier access to Bitcoin through ETFs.
Over the past year, BlackRock has positioned itself as a key player in the U.S. Bitcoin ETF market. Cohen mentioned that the spot Bitcoin ETF, which was launched at the beginning of the year, has shown increased interest in a product that simplifies users' Bitcoin investments.
Crypto Market Expands with Institutional Interest
At the time of press, Bitcoin is trading above $68,300, showing a 140% yearly increase by the end of Q3.
The gains of the leading crypto also extended to crypto-aligned stocks, with Coinbase seeing a 24% increase in its stock value over the same period.
However, institutional investors and wealth managers have been engaging with Bitcoin ETFs at a slower pace. But firms like Morgan Stanley have begun offering Bitcoin ETF products to their high-net-worth clients, signaling a growth in institutional interest.
ETF Growth Reflects Market Evolution
Cohen highlighted that ETFs and blockchain technology share a common goal of decentralizing access to financial products. BlackRock's approach of reducing risk through rival clearing, combined with the advantages of decentralized finance (DeFi) and blockchain technology, provides a strong push for the growth of these financial products.
Since the launch of Bitcoin ETFs in the U.S., the total net inflows have reached $20.66 billion. Over the past week, these ETFs saw net inflows, with BlackRock's IBIT leading the market by accumulating over $1 billion.
The information provided in this article is solely for educational and informational purposes and does not constitute financial advice. Coin Edition is not liable for any losses incurred through the utilization of the provided content, products, or services, and readers are advised to conduct their own research before undertaking any actions.
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