BlackRock’s IBIT Reports Another $320M in Inflows, Larry Fink Hails it as “Fastest-Growing ETF Ever”

Author

Ruholamin Haqshanas

Author

Ruholamin Haqshanas

About Author

Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...

Author Profile

Share

Copied

Last updated: 

March 28, 2024

Why Trust Cryptonews

Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

BlackRock’s iShares Bitcoin Trust (IBIT) continues to gain traction in the cryptocurrency market, with recent data revealing a significant influx of $320 million in new investments. This surge in inflows comes as BlackRock CEO Larry Fink has praised IBIT as the “fastest-growing ETF in the history of ETFs.”In a recent interview with Fox Business, Fink expressed his surprise and satisfaction with IBIT’s performance.

“Nothing has gained assets as fast as IBIT in the history of ETFs.” 

He emphasized that the trust’s success surpassed his expectations, particularly during its first 11 weeks of trading.

IBIT Accumulates $13.5B in First 11 Weeks

Since its launch, IBIT has captured the attention of investors, accumulating a total of $13.5 billion in inflows within the first 11 weeks. Notably, on March 12, the trust reached a daily high of $849 million in flows. On average, IBIT receives over $260 million in daily inflows, contributing to its remarkable growth.Fink acknowledged the significance of this achievement, highlighting the positive impact of IBIT on the market. He emphasized that the trust has enhanced liquidity and transparency, creating a more robust ecosystem for Bitcoin investments. Fink also expressed his bullish outlook on Bitcoin’s long-term viability and the increasing demand from retail investors.Currently, IBIT holds a substantial $17.1 billion worth of Bitcoin, according to BitMEX Research. Impressively, it took only two months for the trust to surpass the $10 billion mark, a milestone that the first gold ETF took two years to achieve. Among the approved ETFs, IBIT ranks second in terms of Bitcoin holdings, trailing behind the Grayscale Bitcoin Trust, which holds $23.6 billion in BTC.

Spot Bitcoin ETFs See Another Day of Net Inflows

On March 27, spot Bitcoin ETFs collectively received net inflows of $243 million. According to data from SoSoValue, BlackRock ETF IBIT had a single-day net inflow of $323 million, while Ark Invest’s ARKB recorded a single-day net inflow of $200 million.Conversely, Grayscale’s GBTC experienced a single-day net outflow of $299 million.

According to SoSoValue, Bitcoin spot ETFs saw total net inflows of $243 million on March 27. Grayscale ETF GBTC had a single-day net outflow of $299 million, BlackRock ETF IBIT had a single-day net inflow of $323 million, Ark Invest & 21Shares ETF ARKB had a single-day net inflow… pic.twitter.com/xB752KhK4f

— Wu Blockchain (@WuBlockchain) March 28, 2024

The price of Bitcoin has maintained the $70,000 mark amid the news that the London Stock Exchange plans to introduce Exchange-Traded Notes (ETNs) for BTC and ETH in May.

The decision follows the exchange’s previous announcement that it would accept applications for crypto ETNs during the second quarter of this year.

In a recent note, crypto asset trading firm QCP Capital also revealed that asset managers continue to add Bitcoin allocations as a “portfolio diversifier.”

Additionally, requests for structured products such as Accumulators and FCNs have flooded in, revealing a strong appetite for diversifying investment portfolios with BTC, the Singapore-based crypto firm wrote. 

⁠”Anecdotally, wealth desks at major banks have been pleasantly shocked at the tremendous demand from clients for BTC spot ETFs, along with requests for structured products like Accumulators and FCNs.”

QCP even said it expects the leading cryptocurrency to maintain momentum, breaking all-time highs and potentially reaching the coveted $100,000 mark.