IBIT Records $266M Daily Inflow, Tops $50B Milestone

Tech

IBIT Records $266M Daily Inflow, Tops $50B Milestone

• IBIT hits $266 million single-day inflow and $50 billion inflow milestone since its introduction.
• Other ETFs, such as Fidelity FBTC and Ark Invests ARK, witnessed $83 million and $41 million inflows.

Blackrock Bitcoin ETF (IBIT) is growing its wings rapidly after culminating Bitcoins in big numbers, recording $266 million inflows on June 16, and it has also hit the $50 billion inflows mark since it was introduced.

In the BTC ETF market, IBIT holds around 54% dominance. The data from Trader T reveals that BlackRocks IBIT took around 2,464 Bitcoins, worth $264 million. Not only this, but it also accumulated a daily trading volume of $2.3 billion in June 16 trading sessions.

Currently, the total assets under management for BlackRocks iShares Bitcoin Trust hovers at $72 billion, holding a major 54% market share from the total Bitcoin ETF AUM size of $131 billion.

Other ETFs, such as Fidelity FBTC and Ark Invest‘s ARK, witnessed $83 million and $41 million inflows. The Farside Investors’ data reveals that the overall inflows have reached more than $408 million across all issuers.

Smashing The Rivals

The data also mentions that BlackRock entirely smashes the competition with its rival, Fidelitys FBTC, having only $11.6 billion in inflows since its introduction. Spot Bitcoin ETFs have started to witness a new inflow streak, which is also gaining momentum.

In the last six trading days, these funds have accumulated $1.8 billion in fresh investments, taking the overall inflows for the year to around $11 billion. This led to gaining momentum of IBIT share with 3.5% gains on the same day.

It has also moved past the notable resistance of $60. In the past few weeks, IBIT has witnessed strong trading activity. From the April lows of $44, the stock is so far up by 40% and has crossed $60.

Also, if inflows into BlackRock Bitcoin ETF remain positive, the IBIT share price can accumulate further momentum. At the current scenario, the price of Bitcoin is hovering to make a new all-time high anytime, and any such move will further lead to greater institutional inflows in the ETFs.

At the press time, BTC is 0.28% down in the past 24 hours and is standing at $106,794. However, the trading volume in 24 hours is 25.63% up and is at $52.1 billion.