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Financial giant BlackRock’s Bitcoin spot exchange-traded fund (ETF) showed growth for 70 consecutive days. If it can continue for 90 more trading days, it would tie JP Morgan’s 160-day streak for Equity Premium Income (JEPI).
As it stands, there have been more withdrawals than deposits every trading day since the fund first began reporting flows on January 12. This news puts the BlackRock Spot Bitcoin ETF in the top 10 for the longest streak of ETF daily inflows since 2004. Under the name IBIT, the fund is linked to the US Global Jets ETF.
With Bitcoin up 4% over the weekend, assets under management of the BlackRock Spot Bitcoin ETF rose to $18.15 billion, according to the company’s official website.
Before BlackRock crossed the line, Bloomberg senior ETF analyst Eric Balchunas highlighted the possible milestone on Twitter. He joked that it would be “very funny” if the fund’s streak ended a day early. Fortunately, the financial gods did not play a cruel joke on investors as the fund saw inflows of just under $20 million.
This is an impressive milestone for the fund, but it’s a far cry from JPMorgan’s Equity Premium Income ETF (JEPI), which recorded the longest streak of all time at 160 days. That’s 55 days longer than Vanguard’s Total International Bond ETF (BNDX). Second place.
Monday marked the first day of ETF trading since the Bitcoin halving that occurred over the weekend. Many believed the halving was creating uncertainty among investors, with Farside Investor data showing record five-day outflows from Bitcoin ETFs. This was further exacerbated by a CoinShares report that showed two weeks of outflows in “digital asset investments,” including spot Bitcoin ETFs. However, BlackRock’s success suggests a counter-argument that investors were not worried about Bitcoin halving, which would have cut miners’ rewards in half. Interestingly, Farside Investor data shows inflows of approximately $60 million over the two trading days surrounding the event, suggesting that the halving did not have a negative impact on investor sentiment.
Edited by Stacey Elliott.