|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cryptocurrency News Articles
BlackRock's IBIT Bitcoin ETF Outperforms Traditional ETFs, Records $318.8M in Net Inflows
Nov 01, 2024 at 03:12 pm
Despite a 4% dip in Bitcoin's price, which dropped to around $68,800, BlackRock's spot Bitcoin ETF, IBIT, recorded a notable $318.8 million
BlackRock’s spot Bitcoin exchange-traded fund (ETF) IBIT saw a substantial net inflow of $318.8 million on Oct. 31, as Bitcoin fiyatı dropped 4% to around $68,800.
The latest capital injection follows IBIT's record-breaking performance just a day earlier on Oct. 30, when the fund attracted $872 million, surpassing its previous peak of $849 million set in March, according to data from Farside Investors. The fund's weekly inflows have now crossed $2.1 billion.
However, despite the large net inflows into BlackRock’s IBIT, the 12 spot Bitcoin ETFs collectively recorded only $32.3 million in net inflows on Oct. 31 — a significant decrease from the $893.3 million seen the previous day, which marked the second-largest single-day inflow since the ETFs’ launch.
Amid this broad pullback in Bitcoin ETFs, Valkyrie’s BRRR was the only other fund to see positive flows on Thursday, gaining $1.9 million. The broader market, however, saw substantial outflows from other prominent funds.
Fidelity’s FBTC ended a two-week streak of positive inflows, losing over $75.2 million. Similarly, ARK 21Shares’ ARKB, Bitwise’s BITB, VanEck's HODL, and Grayscale's GBTC collectively experienced outflows amounting to $213.2 million.
BlackRock’s IBIT outshines traditional ETFs
The standout performance of BlackRock’s IBIT not only places it as a key player within the crypto space but also highlights its strength in the wider ETF industry.
According to Bloomberg analyst Eric Balchunas, IBIT outperformed major ETFs like VOO, IVV, and AGG in the past week, attracting more investor capital than any other ETF. Launched less than ten months ago, IBIT has swiftly accumulated almost $30 billion in assets, with roughly half of this amount gained in the last month alone.
$IBIT took in more cash than any other ETF in the world over the past week. This is out of 13,227 ETFs, which includes $VOO $IVV $AGG etc. It's so hard to beat those veteran Cash Vacuum Cleaners, even for a week, especially for an infant ETF (3mo-1yr old) pic.twitter.com/S443lUXVQk
Collectively, U.S.-based spot Bitcoin ETFs now hold over 1 million Bitcoin, coming closer to the estimated 1.1 million BTC that is believed to be stashed in the wallet of Bitcoin’s pseudonymous creator, Satoshi Nakamoto.
The inflows into IBIT and BRRR came as Bitcoin (BTC) saw a broader decline in the market, with the digital asset dropping 4.6% on Oct. 31 from an intraday high of $72,859 to $69,505 at the time of writing. The price drop also saw crypto market liquidations hit $246.38 million in long positions, with Bitcoin accounting for $78.45 million of the liquidations.
Spot Ether ETFs see $13m inflows
While Bitcoin ETFs saw mixed results, Ethereum ETFs recorded modest yet positive inflows on Oct. 31. The nine spot Ethereum ETFs collectively reported $13 million in net inflows, driven entirely by BlackRock’s ETHA, which saw $49.6 million in new investments.
Grayscale’s ETHE, on the other hand, posted outflows of $36.6 million, while the remaining Ethereum ETFs remained neutral on the day.
At the time of publication, Ethereum (ETH) also saw a price drop, mirroring Bitcoin's trend with a 5.3% decrease to $2,507.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
-
- Llama Land: Exploring the Potential of AI Agents in On-Chain Virtual Worlds
- Nov 01, 2024 at 06:25 pm
- The emergence of $GOAT has revitalized a somewhat stagnant market. After a carnival, $GOAT has become the leader in the AI Meme sector, and its successful "usurpation" is inseparable from the AI Agent behind it—Truth Terminal.
-
- Intel Markets Surges Past Ripple and Near Protocol, Drawing Investor Interest with 133% Spike in Trading Volume
- Nov 01, 2024 at 06:25 pm
- In an impressive rally, Intel Markets (INTL) has surged past high-profile tokens like Ripple (XRP) and Near Protocol (NEAR), drawing massive interest from investors with a 133% spike in trading volume.
-
- Bitcoin (BTC) Is Still a Compelling Buy Today -- Here's Why
- Nov 01, 2024 at 06:25 pm
- While this may seem underwhelming, the quiet period could actually make this an opportune time to buy. Here are three reasons Bitcoin is still a compelling buy today -- not only for its near-term potential, but also for its unmatched long-term value.