On Monday, BlackRock’s Bitcoin ETF, IBIT, posted its first net inflows in two weeks, according to data from Farside Investors. The iShares Bitcoin Trust (IBIT), the largest of the bitcoin ETFs by assets under management, drew $15.8 million of new money yesterday. The exchange-traded fund ended a streak of 13 days of flat or negative inflows.
IBIT’s net outflows summed to $23.1 million over the last two weeks. $15.8 million of that was accumulated on Monday alone. This is incredibly minute compared to the more than $20 billion in assets under management at the fund. As Bitcoin struggled in price towards the end of August, several of the top Bitcoin ETF funds also suffered in terms of inflows.
However, BTC has slowly escaped that bearish phase and is back over $60,000 at press time. Uncertainty about the direction of global markets, the U.S. presidential election, and the upcoming Fed decision on interest rate cuts all played a part in IBIT’s recent inflow performances.
BlackRock’s IBIT ETF Resumes Positive Inflows, Support for BTC Stays Strong
BlackRock remains bullishly supportive of the Bitcoin asset ever since the launch of its ETF in early 2024. Recently, the $9 trillion asset management company said that Bitcoin is a hedge against global disorder and geopolitical uncertainty. In a statement, the company called Bitcoin a global monetary alternative, saying the asset “could serve as a hedge against increasing global disorder and declining trust in governments, banks, and fiat currencies.”
Also Read: Bitcoin & Gold Emerge As Top Assets Of 2024: Will The Rally Continue?
BlackRock’s Bitcoin ETF has been one of the top ETFs for the coin since January 2024. Following the launch of the funds, Bitcoin exploded in price, reaching a new all-time high of $73,000 in March 2024. Crypto-based ETFs have dominated the conversation within the finance sector, led by Bitcoin and newly released Ethereum ETFs. However, after a bearish summer overall and a rough August, the ETFs are all looking to rally back in inflows.