BlackRock Sees Inflows into Spot Bitcoin ETF from Various Investors
According to BlackRock Head of U.S. iShares Product Rachel Aguirre, the firm is experiencing inflows into its new spot bitcoin ETF product (IBIT) from a wide range of investors. Aguirre stated that there is interest from both retail and self-directed investors, including those who are ready to invest immediately. Additionally, BlackRock is focused on educating clients and financial advisors about bitcoin and supporting them in their investment journey.
BlackRock and Fidelity Dominate Spot Bitcoin ETF Flows
In just four days, the newly-launched U.S. spot bitcoin ETFs have reached a cumulative trading volume of over $10 billion. Yahoo Finance data compiled by The Block shows that Grayscale, BlackRock, and Fidelity collectively account for about 90% of the total volume. Although yesterday’s trading volume dipped to nearly $2.2 billion, compared to $4.6 billion on the first day of trading, BlackRock and Fidelity lead in terms of fresh capital flowing into the instruments.
Bloomberg ETF analyst Eric Balchunas reports that BlackRock recorded $710 million worth of inflows, while Fidelity saw $524 million in the first three days of trading. On the other hand, Grayscale experienced $1.2 billion in outflows for its converted fund during the same period.
Hot Take: BlackRock’s IBIT Attracts Diverse Investors as Spot Bitcoin ETFs Gain Traction
The launch of spot bitcoin ETFs in the U.S. has attracted significant attention, with BlackRock’s IBIT drawing interest from various types of investors. The inflows into IBIT from retail and self-directed investors indicate growing confidence in cryptocurrency investments.
Furthermore, BlackRock and Fidelity’s dominance in terms of trading volume and fresh capital highlights their strong position in the crypto market. As the popularity of spot bitcoin ETFs continues to rise, it will be interesting to see how these industry leaders navigate the evolving landscape and educate their clients about this new asset class.
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