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Home » BlackRock's Bitcoin ETF became the first to reach $1 billion in assets

BlackRock's Bitcoin ETF became the first to reach $1 billion in assets

Important facts:
  • The BlackRock fund is seeing continued capital inflows, while GBTC is seeing multi-million dollar outflows.

  • In terms of assets under management, BlackRock's ETF follows Fidelity's ETF.

BlackRock's spot Bitcoin exchange-traded fund (ETF) has seen significant capital inflows, leading it to reach over $1 billion in assets under management (AUM) in four days.

This is how this fund called iShares Bitcoin Trust (IBIT) was created. was the first spot Bitcoin ETF (BTC) to surpass this number of those introduced in the United States last week. This can be seen in the table below provided by Bloomberg analyst Eric Balchunas.

BlackRock ETF net inflows. Source: Eric Balchunas.

A day later, the Fidelity ETF (FBTC) also surpassed $1 billion in assets, establishing itself as the second such product to surpass that mark. The IBIT now records more than 1.2 billion US dollars, as can be seen Picture next.

Fidelity ETF net inflows. Source: Eric Balchunas.

With such inputs The BlackRock and Fidelity funds have already accumulated 28,622 and 24,857 Bitcoins, respectively or according to Data from the Bitcoin Treasuaries Explorer, demonstrating the interest of institutional and retail investors in participating in the digital currency market through these new investment opportunities.

GBTC continues with daily exits worth millions of dollars

As daily inflows rise into funds from BlackRock, Fidelity and others, the Franklin Templenton (EZBC) and WisdomTree (BTCW) ETFs saw no inflows on their fifth day of trading. And the situation is getting worse for Grayscale (GBTC), which is seeing outflows worth millions of dollars every day.

Special, GBTC recorded $2.2 billion in outflows in the first five days of operation. This has had an impact on the Bitcoin price, which has fallen to the $40,000 area several times in the last 24 hours, according to CriptoNoticias.

GBTC outflows and daily inflows into the other ETFs reflect that capital rotation is taking place, ie There is not much new demand for these instruments.. This lack of significant demand for these financial instruments keeps the price of Bitcoin from increasing.

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