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Cryptocurrency News Articles

BlackRock's iShares Bitcoin Trust (IBIT) Leads Global ETFs

Nov 01, 2024 at 08:29 am

BlackRock’s iShares Bitcoin ETF drew an astounding $2.2 billion weekly inflow, outperforming major global funds and underscoring Bitcoin’s surging appeal

BlackRock's iShares Bitcoin Trust (IBIT) Leads Global ETFs

BlackRock's iShares Bitcoin ETF (NYSE: BITO) drew an astounding $2.2 billion weekly inflow, outperforming major global funds and underscoring Bitcoin's surging appeal among institutional investors as the cryptocurrency nears record highs.

Among the funds that were dethroned are the Fidelity Total Bond ETF (NYSE: FBND), Vanguard S&P 500 ETF (NYSE: VOO), iShares Core S&P 500 ETF (NYSE: IVV), and iShares Core US Aggregate Bond ETF (NYSE: AGG).

The ETF saw a trading volume of $3.3 billion on Tuesday, reaching levels not seen in six months. With the consistently large inflows, there appears to be institutional FOMO at work, especially considering the U.S. presidential election is just days away.

After the BITO launch in May, institutional interest in cryptocurrencies has surged. The iShares ETF, which debuted in April, saw a record $420 million inflow in May. Following a seven-week downturn, inflows into Bitcoin ETFs resumed in August.

In a subsequent X post, Balchunas highlighted that U.S. ETFs are now around $22 billion away from the all-time yearly flow record.

If the current momentum of $4 billion per day continues, the funds could reach $970 billion, falling just short of $1 trillion. U.S. Bitcoin ETFs set the previous record at $910 billion, and at this rate, they can easily surpass it.

Bitcoin Price Impact: Surging Toward Previous ATH

Notably, Bitcoin (BTC) price displayed signs of a substantial recovery over the past few days, especially surging to as high as $73,300.

On the blockchain, Bitcoin's price created a "golden cross," which suggests, according to the charts, that better times are coming.

When the 30-day moving average (DMA) rises above the 365-day DMA, it could indicate that the trend is going to continue, known as the Golden Cross, a bullish indicator.

For the most part, it signals the potential for another rally soon, Coingape explains.

If the fund continues to buy Bitcoin, it could lead to a supply shortage, potentially impacting the price of Bitcoin in the long term.

News source:econotimes.com

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