BlackRock’s Bitcoin Spot ETF (IBIT) has set a new record, with total net inflows of $2 billion, according to data from BitMEX Research. This feat allows IBIT to maintain its position as the best-performing fund after the U.S. Securities and Exchange Commission approved 11 Bitcoin spot ETFs on January 10.
BlackRock’s IBIT maintains its dominance, with total net flows reaching $744.6 million.
On January 25, the 10th trading day for the Bitcoin spot ETF market, BlackRock’s IBIT had an unsurprisingly positive performance, recording inflows of $170.7 million. These gains allowed the investment fund to join the exclusive list as the first Bitcoin spot ETF to amass a market capitalization of $2 billion.
Bloomberg analyst James Seyfarrt cited the recent BTC price rise as a key contributing factor to this achievement. He said:
yes, #Bitcoin the price has been pushed back $GOhas assets exceeding $2 billion. Add in today’s new flows and the total will be more than $2 billion.
Following the trading debut of the BTC spot ETF on January 11, IBIT quickly emerged as an investor-favorite ETF, recording the market’s highest individual daily inflows on January 12 at $386 million. BlackRock’s BTC spot ETF has maintained the interest of these investors for the past two decades. This was evidenced by continued positive performance in the first two weeks, which recorded total flows of $2.086 billion.
IBIT’s performance was closely followed by Fidelity’s FBTC, which recorded inflows of $101 million on January 25, bringing total inflows to $1.825 billion. Meanwhile, other Bitcoin spot ETFs with noteworthy performance include Bitwise’s BITB and Ark Invest’s ARKB, both of which boast individual cumulative AUM of over $500 million.
In other news, Grayscale’s GBTC outflows continue to trend. However, sales have declined noticeably over the past few days. As of this writing, the total outflow value of GBTC is $4.786 billion. Compared to the cumulative inflows of $5.53 billion, the Bitcoin spot ETF market’s total inflows reached $744.6 million.
Source: BitMEX
Bitcoin Price Overview
As of press time, Bitcoin is currently trading at $41,725.19 after a 4.52% price increase over the past day, according to data from CoinMarketCap. The recent rally is significant considering the asset’s previous weak form, which saw BTC fall 20% over the past two weeks, taking BTC below $39,000.
Bitcoin price was negatively affected by the massive outflow of GBTC. However, with selling pressure appearing to be waning along with the consistent positive performance of other ETFs, most notably BlackRock’s IBIT, the cryptocurrency market leader could soon begin a market recovery.
BTC trading at $41,802.61 on the daily chart | Source: BTCUSDT chart on Tradingview.com
Featured image from Reuters, chart from Tradingview
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