BlackRock's Bitcoin ETF Attracts $1 Billion
BlackRock's Bitcoin ETF, IBIT, achieved a significant milestone, attracting nearly $1 billion in inflows. This surge comes amidst a broader bullish trend in the cryptocurrency market, as reported by Sosovalue.
BlackRock's IBIT Dominates Bitcoin ETF Inflows
Data from Sosovalue on April 29th showed IBIT recorded inflows totaling $970.93 million in a single day. This highlights growing institutional interest in Bitcoin. However, the overall US spot Bitcoin ETF market only saw $591.29 million in inflows on April 28th. Other significant players, including Fidelity, Grayscale, and VanEck, either experienced outflows or negligible net flows during this period.
- Fidelity's FBTC: Outflows of $86.87 million
- Grayscale's GBTC: Outflows of $42.66 million
- Valkyrie's BRRR and Invesco's BTCO: Net flows of $0
- Franklin Templeton's EZBC: Net flows of $0
This stark contrast underscores BlackRock's leading position in the institutional investment landscape.
Bitcoin Price Surges Above $94,000
Bitcoin's price continued its upward trajectory, gaining over 7% weekly and nearing $95,000. This bullish movement is fueled by increased institutional interest, mirroring the significant inflows into Bitcoin ETFs. CoinGape previously reported a total of $3.4 billion in inflows for US spot Bitcoin ETF products over the previous week.
The growing interest in crypto-backed financial products suggests a positive market outlook. Open interest in Bitcoin futures remains above $60 billion, and derivatives volume increased by 50% to $96.56 billion (CoinGlass data).
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Disclaimer: This information is for educational purposes only and does not constitute financial advice. Market conditions are volatile. Conduct thorough research before making any investment decisions. Codeum is not responsible for any financial losses.