On September 25, BlackRock, the world’s largest asset manager, attracted $184.4 million in inflows into its spot Bitcoin exchange-traded fund (ETF). This was the highest daily inflow for any fund in September, a month generally considered bearish for Bitcoin (BTC).
According to Farside data, the Bitwise Bitcoin ETF (BITB) was the only fund to see inflows of $2.1 million on September 25, while the Fidelity Wise Bitcoin Origin Fund (FBTC) and the Ark 21Shares Bitcoin ETF (ARKB) experienced outflows of $33.2 million and $47.4 million, respectively.
BlackRock Daily Inflows Surpass $100 Million for First Time in September
BlackRock’s iShares Bitcoin Trust (IBIT) surpassed $100 million for the first time in September with $184.4 million, while ARKB recorded $99.3 million on September 13, and IBIT followed with $98.9 million on September 24.
Cumulative Spot Bitcoin ETF inflows since launch in January total $17.94 billion. Source: Farside
Total cumulative inflows into spot Bitcoin ETFs increased for the fifth consecutive day, reaching $496.7 million over the five-day period.
The march follows the Federal Reserve’s long-anticipated decision to cut interest rates by 50 basis points, a move the cryptocurrency industry has been watching closely throughout 2024. Following the decision on September 18, Bitcoin has recovered to levels not seen since August 30, above $60,000.
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In a post on X on September 26, CryptoQuant founder and CEO Ki-young Joo opined that the growing demand for spot Bitcoin ETFs is a key reason why the U.S. is “regaining its dominance in Bitcoin holdings” compared to the rest of the world.
BlackRock, ETF Custodian Coinbase, Regulatory Amendments
On September 23, Cointelegraph reported that BlackRock had filed an amendment to its Bitcoin ETF, following widespread investor concerns about the on-chain settlement practices of ETF custodian Coinbase.
BlackRock’s amendment would require withdrawals of bitcoin from Coinbase within 12 hours, following widespread industry concerns about the company’s ETF custody practices.
A growing number of investors are asking Coinbase to provide on-chain proof of the Bitcoin they purchased on behalf of spot ETFs.
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This article does not contain any investment advice or recommendations. All investment and trading moves involve risk, and readers should conduct their own research when making decisions.