BlackRock Bitcoin ETF Records Largest Capital Inflow Since January Launch

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BlackRock Bitcoin ETF Records Largest Capital Inflow Since January Launch
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BlackRock Bitcoin ETF Records Largest Capital Inflow Since January Launch
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BlackRock’s Bitcoin ETF, the iShares Bitcoin Trust (IBIT), recorded more than $872 million in net inflows last Wednesday, according to recent data. This is the largest inflow volume since the fund’s launch in January this year, surpassing the previous record in March.

As experts point out, the capital increase reflects the recent easing of global monetary policies, with central banks reducing interest rates and increasing liquidity. This facilitates access to capital for investors.

Additionally, Rachael Lucas, cryptocurrency analyst at BTCMarkets, suggested that expectations of a possible Donald Trump victory in the US presidential election may have boosted interest in crypto assets, including Bitcoin. This movement has generated an upward trend in Bitcoin ETFs as investors seek protection in the face of possible economic and political changes.

In total, US Bitcoin ETFs totaled $893.21 million in net inflows on Wednesday. This is the second largest fundraising ever recorded. Another six Bitcoin ETFs also showed positive results on the day.

BlackRock’s Bitcoin ETF is successful

The Fidelity ETF (FBTC), for example, recorded inflows of US$12.57 million. Meanwhile, funds ARKB (from Ark Invest and 21Shares), HODL (from VanEck) and BTCO (from Invesco) had smaller net inflows, below US$8 million each.

On the other hand, Bitwise’s BITB fund was the only one to record net outflows, with US$23.89 million withdrawn. Four other ETFs, including the Grayscale Bitcoin Trust (GBTC), recorded no capital movements on the day.

The strong uptake in Bitcoin ETFs brings the cumulative total of net inflows from these funds to $24.18 billion, with a total trading volume of $1.97 billion on Wednesday, a decline from the volume of U.S. $4.75 billion recorded the previous day.

For Lucas, the approach of the US presidential elections, scheduled for November 5th, tends to increase volatility in Bitcoin ETFs. The expectation is that investors will use cryptoactives as a form of protection against potential economic and political changes.

According to data from CoinGecko, Bitcoin fell 0.3% in the last 24 hours, trading at US$72,065 at the time of writing this article. At the beginning of the week, Bitcoin approached its all-time high by reaching around $73,500.

Bloomberg analyst Eric Balchunas commented on a social network that the “herculean” volume of net inflows into IBIT could bring the total number of Bitcoins held by ETFs in the US to more than 1 million.

BlackRock Bitcoin ETF Records Largest Capital Inflow Since January Launch

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BlackRock Bitcoin ETF Records Largest Capital Inflow Since January Launch

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