BlackRock notched all-time high bitcoin ETF inflows Tuesday

The latest total broke the previous daily net inflow high of $493 million set on Feb. 13

article-image

Michael Vi/Shutterstock modified by Blockworks

share

BlackRock’s bitcoin ETF — after breaking its trading volumes record each of the last two days — has now set a high mark for net inflows.

The iShares Bitcoin Trust (IBIT) tallied net inflows of $520 million on the day, according to BitMEX Research, a record for any of the 10 US bitcoin funds. 

The total broke the previous daily net inflow high of $493 million, which was also set by IBIT on Feb. 13.

IBIT dominated the bitcoin category in flows on Tuesday, with the next highest daily inflow total going to the Fidelity Wise Origin Bitcoin Fund (FBTC), with $126 million. 

The higher-priced Grayscale Bitcoin Trust ETF (GBTC) offset the Fidelity inflows with roughly $126 million of outflows. 

The 10 US spot bitcoin funds collectively brought in $577 million of net inflows Tuesday — third only to the $655 million that the ETFs raked in on their first day of trading, Jan. 11, and to the $631 million on Feb. 13.

Total net inflows for the segment stand just north of $6.7 billion, BitMEX Research data indicates.  

The new net inflow record for a single bitcoin ETF comes amid a crypto market rally. The price of bitcoin (BTC) was roughly $60,400 at 9 am ET Wednesday — up nearly 18% from a week ago.

Read more: BlackRock bitcoin ETF trading volume surpasses $1B for second day in a row

BlackRock’s more than half a billion dollars of net inflows comes as its trading volumes hit about $1.3 billion on Monday and Tuesday — higher levels than it had reached previously.

The asset management giant’s BTC fund has eclipsed the $8 billion assets under management mark, according to BitMEX Research. 

Only GBTC has more, with about $25 billion. The Grayscale Investments-run fund had operated as a trust on the OTC markets for about a decade before converting to an ETF last month. It has since seen $7.6 billion in net outflows in part due to its 1.5% fee, which stands way above competitors priced between 0.18% and 0.30%. 

Industry watchers have said they expect bitcoin ETFs could see a second wave of flows once the funds are included on national account platforms.

It will take time for wealth management players like registered investment advisers (RIAs) and wirehouses to allocate client assets to spot bitcoin ETFs, they have said.


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the On the Margin newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2024

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Research Report Templates.png

Research

ZKPs enable efficient offchain transaction processing and validation, resulting in increased throughput and reduced fees. Solana's ZK Compression leverages ZKPs to minimize onchain storage costs, while Sui's zkLogin streamlines user onboarding by replacing complex key management with familiar OAuth credentials.

article-image

The crypto asset manager lowered its planned fee from 0.25% to 0.15%, undercutting its competitors

article-image

Plus, a look at planned ETH ETF fees and how they differ from their BTC counterparts

article-image

North Korea suspected in breach of Indian exchange’s multisig wallet

article-image

Plus, Sanctum’s CLOUD token has officially launched — but not without problems

article-image

It’s not yet clear whether Donald Trump is pumping bitcoin. But an unofficial memecoin is still seeing benefit.