BlackRock Bitcoin ETF Soars to Top 5 in Inflows for 2024

The BlackRock iShares Bitcoin Trust (IBIT) has emerged as a leading exchange-traded fund (ETF) in 2024, ranking among the top five ETFs in terms of inflows, as per Bloomberg Intelligence data.

The ETF has surpassed the performance of numerous well-established funds after achieving over $3.19 billion in flows, with only broad index funds such as those that track the S&P 500 and the Vanguard Total Stock Market ETF ahead of it.

BlackRock’s Bitcoin ETF Leads Chart

Despite a delayed start on NASDAQ due to awaiting SEC approval, the BlackRock ETF is now in the top 0.16% of the 3,109 ETFs trading in the United States, as highlighted by Eric Balchunas, a senior Bloomberg ETF analyst.

Further analysis by Balchunas suggests an even more impressive standing at 0.02% when comparing BlackRock’s ETF performance against an estimated 10,000 ETFs globally.

Got our first holder reported for $IBIT, it’s a Canadian asset manager called Redwood, looks like it sold the local Purpose Bitcoin ETF which is >1% fee and bought the US-based $IBIT which is free till first $5b and 25bps thereafter. Great cost migration hitting crypto funds.

— Eric Balchunas (@EricBalchunas) February 6, 2024

The Fidelity Bitcoin Fund also shows strong performance, with $2.51 billion in inflows, ranking it eighth among U.S.-based ETF products.

BlackRock and Fidelity Bitcoin ETFs have seen their rankings improve recently, having been in the eighth and tenth positions at the end of January.

Among ETFs, leading the pack is the iShares Core S&P 500 ETF (IVV) with $13 billion in inflows this year and an assets-under-management (AUM) of $428 billion, followed by the Vanguard 500 Index Fund ETF (VOO) with $11.1 billion in inflows and nearly $398 billion in AUM.

Grayscale’s Bitcoin ETF Outflows Slow Down

Grayscale’s spot Bitcoin ETF has experienced its sixth consecutive day of decreasing outflows, totaling $73 million on February 6, as per BitMEX Research and Bloomberg ETF analyst James Seyffart.

Inflows from other Bitcoin ETF issuers have consistently surpassed the outflows from Grayscale’s GBTC for at least seven days straight. The most recent outflow figure represents an 88% decline from Grayscale’s peak outflow day on January 22, which recorded a massive $640 million exiting the newly converted ETF.

Notably, the launch of spot Bitcoin ETFs was met with great enthusiasm, especially in their first week following the January 11 debut, which saw a net inflow of $1.06 billion. With over 100,000 BTC under management—valued at approximately US$4 billion when excluding Grayscale’s Bitcoin Trust (GBTC)—these ETFs had a strong market entry.

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2024-02-07 12:22