blackrock
U.S. Spot Bitcoin ETFs See Record $287 Million in Outflows, Except BlackRock
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2 months agoon
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adminU.S. spot Bitcoin ETFs witnessed a significant exodus of funds, with $287.8 million withdrawn across the listed ETFs yesterday, marking the largest single-day outflow since May 1, Farside Investors data reveals. According to Arkham data, the only ETF that did not experience withdrawals was BlackRock, which reported zero outflows.
EIGHT ETFs sold $287 MILLION BTC in the past 24 hours.
Except BlackRock.
BlackRock sold 0. pic.twitter.com/rWNw7FraUH
— Arkham (@ArkhamIntel) September 4, 2024
Fidelity’s ETF led the withdrawals, selling $162 million worth of Bitcoin. Grayscale followed with $50 million in outflows, while Ark and Bitwise reported $34 million and $25 million, respectively. Despite these substantial outflows, these ETFs still collectively manage around $50 billion in assets.
Bitcoin saw a remarkable rise in price earlier this year due to the hype and interest surrounding these ETFs, starting 2024 at around $44,000 and reaching an all-time high of $73,770 on March 14. However, the price has since stagnated, hovering below its peak in the $55,000 to $65,000 range. It has been 174 days since Bitcoin hit its all-time high, according to Clark Moody Dashboard.
Despite the recent outflows, spot Bitcoin ETFs have generally maintained strong inflows, with only one month of outflows in the past eight months. This indicates ongoing investor interest in Bitcoin, even as its price stabilizes below its all-time high.
U.S. Bitcoin ETFs monthly $BTC purchases 👇 August w/ +975 pic.twitter.com/qkzQ2VIQFP
— HODL15Capital 🇺🇸 (@HODL15Capital) September 2, 2024
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BlackRock Bitcoin ETF Triggers Major FOMO With New 6-Month High Milestone
Published
1 week agoon
October 30, 2024By
adminThe US spot ETF market for Bitcoin seems to be unstoppable at this point and thanks to BlackRock Bitcoin ETF (IBIT) that has triggered a major FOMO among investors. On Tuesday, the BlackRock IBIT registered a massive $3.3 billion in trading volumes, hitting its six-month high levels. Over the past two weeks, IBIT has been single-handedly leading the inflows showing that institutional FOMO has kicked in ahead of the US election results, less than a week from now.
BlackRock Bitcoin ETF Leads $870 Million Inflows
On Tuesday, October 29, the US BTC ETFs saw inflows of nearly $870 million with BlackRock’s IBIT having a lion’s share of $640 million inflows. This marks one of the largest inflows since launch, with the record set on March 12, 2024, at $1.045 billion. Given the recent excitement, a new record could be within reach.
With this, IBIT’s net inflows since inception have reached closer to $25 billion, which is more than double that of its immediate rival Fidelity’s FBTC. These massive inflows have continued amid the broader crypto market rally with the Bitcoin price approaching its all-time high levels.
Bloomberg’s ETF strategist, Eric Balchunas, highlighted the $3.3 billion in trading volumes recorded by the BlackRock Bitcoin ETF yesterday. He believes that such a volume spike is unusual as ETF activity typically surges during market downturns.
However, Balchunas suggested that the recent spike could be driven by “FOMO” (fear of missing out) due to the Bitcoin price rally, which has continued over the past few days.
The Bloomberg strategist further stated that IBIT wasn’t alone as other Bitcoin ETFs also saw a strong surge in trading volumes yesterday. Thus, he believes that this is possibly a FOMO-driven buying wave. Balchunas also added that if this is indeed a FOMO frenzy, the impact should reflect in substantial inflows in the coming days.
$IBIT traded $3.3b today, biggest number in 6mo, which is a bit odd bc btc was up 4% (typically ETF volume spikes in a downturn/crisis). Occasionally tho volume can spike if there a FOMO-ing frenzy (a la $ARKK in 2020). Given the surge in price past few days, my guess is this is… pic.twitter.com/z44ZfggHVm
— Eric Balchunas (@EricBalchunas) October 29, 2024
Bitcoin All-Time High Soon?
Amid the 8% gains over the past week, the Bitcoin price has reached within 5% of its all-time high levels. As of press time, the BTC price is trading 1.75% up at $72,267 with a market cap of $1.429 trillion. However, the retail FOMO in BTC hasn’t kicked yet so far despite strong inflows into Bitcoin ETFs, noted crypto analyst Miles Deutscher.
#Bitcoin is on the verge of breaking all-time highs, and retail interest is still almost non-existent.
Higher. pic.twitter.com/EH4fWnjIvG
— Miles Deutscher (@milesdeutscher) October 29, 2024
During the past two Bitcoin bull run cycles, retail buying interest played a crucial role in taking Bitcoin to all-time high levels. This shows that large investors and Bitcoin whales are currently driving the price action. Thus, once retail FOMO kicks in, we can actually see a rally to the levels of $100,000 and above.
Another major bullish indicator is the Bitcoin MVRV ratio which has surged past its 365-SMA signaling major bull rallies along with a golden cross.
While #Bitcoin $BTC at $72,000 might feel like a late entry, history suggests otherwise. The MVRV Ratio crossing over its 365-SMA has often signaled major bull rallies, and this golden cross just happened again! pic.twitter.com/Awkh0WdIOK
— Ali (@ali_charts) October 29, 2024
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Bitcoin ETF
BlackRock’s IBIT Bitcoin ETF is the Most Successful New ETF in 4 Years
Published
2 weeks agoon
October 24, 2024By
adminEver since BlackRock filed for its spot Bitcoin ETF last year, Bloomberg ETF analysts Eric Balchunas and James Seyffart have been providing valuable insights and data regarding everything Bitcoin ETFs. If you’re not already following either of them on X, I highly recommend you do.
Today, Balchunas shared a new mind blowing statistic about BlackRock’s spot Bitcoin ETF IBIT specifically. Over the last four years, there were over 1,800 ETFs launched in the United States. Out of all of those, IBIT has taken in the most inflows at over $26 billion dollars.
BlackRock had another giant inflow of $323 million yesterday, massively outperforming all its competitors. I’m not sure if it’s just their brand name alone that’s able to out compete the other ETFs, or if they’re marketing IBIT to their customers behind the scenes that is making their ETF a standout success. Probably a bit of both and then some.
These numbers once again highlight that spot Bitcoin ETFs have been a smashing success in America. Since launch, these ETFs have together seen inflows in 9 out of the last 10 months, and I feel like these inflows are not going to stop anytime soon, especially as we head further into the bull market.
While I would much rather see investors who hold their own keys, I understand that might not be suitable for large corporations and small retail investors who don’t want the responsibilities that come with self custody.
Whether you like it or not, the institutions are here and they are driving up the price of Bitcoin (for now). I’m super interested to see how these ETFs will hold up in a bear market, and if they will HODL or if we will see record outflows. Only time will tell.
This article is a Take. Opinions expressed are entirely the author’s and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.
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blackrock
London-Based Pension Giant Legal & General Looks to Enter Crypto’s Tokenization Space
Published
2 weeks agoon
October 21, 2024By
admin“We are evaluating ways to make the Legal & General Investment Management Liquidity funds available in tokenized format,” said Ed Wicks, global head of trading at Legal & General Investment Management (LGIM), when asked about the firm’s plans via email.
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