The BlackRock Bitcoin ETF (IBIT) continued with its unprecedented inflow streak recording more than $500 million worth of inflows on Monday, July 22. With this, IBIT’s total inflows in the last 12 trading sessions have reached nearly $2 billion, with the total inflows crossing $19.5 billion since the launch in January. This has pushed the IBIT share price on a strong recovery path over the past two weeks.
BlackRock Bitcoin ETF Roars
BlackRock Bitcoin ETF IBIT has been single-handedly contributing to a large majority of the total inflows in the US Bitcoin ETFs. This shows that there’s a growing institutional confidence in the market accompanied by strong retail participation.
On Monday, BlackRock’s IBIT recorded nearly $1 billion in trading volumes for the third time in the past week. The Bitcoin product now currently holds more than 325,000 BTC worth more than a staggering $22.5 billion. On the other hand, Fidelity’s FBTC ranks second with an AUM of $12.19 billion.
U.S. Bitcoin ETF market caps 👇 $IBIT w/ $22.3 Billion, $FBTC $12.2 Billion, $ARKB $3.4B, $BITB 2.8B pic.twitter.com/wc60z3pmOu
— HODL15Capital 🇺🇸 (@HODL15Capital) July 22, 2024
Amid these stellar inflows and trading volumes, the iShares Bitcoin Trust (NASDAQ: IBIT) share price has surged by 20% in the past two weeks. The IBIT share price has already been up more than 46% since the launch in January. The immediate resistance for IBIT is $40.50 on the upside. If it manages to breakout above this, we could see a further rally in IBIT shares.
Also Read: Grayscale & Bitwise Ethereum ETF Gets SEC Nod For NYSE Trading
Will Ethereum ETF Bring the Same Success?
BlackRock is also one of the major issuers of spot Ethereum ETF scheduled to go live on Tuesday. Crypto ETFs could prove to be a winning formula for BlackRock as the financial giant recently crossed more than $10 billion in net assets under management. The asset manager has kept a competitive management fee of 0.25% for Ether ETFs.
On the other hand, speculations are ripe that BlackRock CEO Larry Fink could become the next Treasury Secretary of the US if Donald Trump wins the upcoming elections.
Also Read: BlackRock AUM Tops $10.6 Trillion Amid Solid Q2 Earnings
Just before the Ether ETFs go live for trading, the Ethereum price has come under some selling pressure dropping to $3,450 levels.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
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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