{"id":7587,"date":"2024-09-17T23:00:24","date_gmt":"2024-09-17T23:00:24","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=7587"},"modified":"2024-09-17T23:00:24","modified_gmt":"2024-09-17T23:00:24","slug":"bitcoin-etf-by-blackrock-registers-first-daily-net-inflow-in-3-weeks-what-to-know","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=7587","title":{"rendered":"Bitcoin ETF By BlackRock Registers First Daily Net Inflow In 3 Weeks: What To Know"},"content":{"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<\/a> from Farside Investors confirms.<\/p>\n

BlackRock\u2019s Spot Bitcoin ETF Attracts Net Inflows, How About Other ETFs?<\/h2>\n

BlackRock forayed into the Bitcoin ETF space when the US Securities and Exchange Commission (SEC) approved<\/a> IBIT in January 2024. <\/p>\n

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.<\/p>\n

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.<\/p>\n

IBIT\u2019s three weeks of no net daily inflows consisted of 11 days with zero flows, while two days \u2013 August 29, and September 9 \u2013 saw net daily outflows to $13.5 million and $9.1 million, respectively.<\/p>\n

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.<\/p>\n

According to data<\/a> 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<\/p>\n

In contrast, GBTC has witnessed a cumulative net outflow of $20 billion. Analysts blame the product\u2019s exorbitant fee of 1.5% as a major reason for GBTC\u2019s performance to date. For comparison, IBIT has a fee of 0.21%.<\/p>\n

Spot Ethereum ETFs Continue Their Lackluster Performance<\/h2>\n

While spot Bitcoin ETFs ended the day with a combined net inflow of $12.8 million, spot Ethereum ETFs experienced<\/a> a combined net outflow of $9.4 million. <\/p>\n

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.<\/p>\n

Since their approval in May 2024, Ethereum ETFs haven\u2019t performed as well as Bitcoin ETFs when attracting significant inflows. <\/p>\n

The tepid performance of Ethereum ETFs is reflected in the digital asset\u2019s price as it continues to underperform<\/a> against Bitcoin. Ethereum trades at $2,307 at press time, slightly up by 0.6% in the past 24 hours.\u00a0<\/p>","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 […]<\/p>\n","protected":false},"author":0,"featured_media":7588,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-7587","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/7587"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7587"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/7587\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/7588"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7587"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7587"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7587"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}