Hold onto your hats, folks, because BlackRock is making waves in the world of crypto! While others are hitting the brakes, this investment powerhouse is flooring the gas pedal, scooping up a jaw-dropping stack of Bitcoin. We're talking about 4,869 shiny digital coins, worth a cool $329 million, all funneled through their iShares Bitcoin Trust (IBIT) on October 21.
Picture this: as the crypto seas grew choppy and rival Bitcoin ETFs in the US saw investors jumping ship, BlackRock was busy building its treasure chest. In fact, they're on a six-day winning streak, hauling in a staggering $1.47 billion in just one week. With a total inflow exceeding $23 billion since the start of the year, IBIT is not just playing the game; it's rewriting the rulebook!
Nate Geraci from ETF Store chimed in, revealing that this recent rush of cash makes IBIT one of the hottest ETF launches of 2024. Even Bloomberg’s Eric Balchunas couldn’t help but marvel at the fund’s phenomenal week, now ranking in the top 2% of all ETFs by assets under management.
Meanwhile, in a twist of fate, Fidelity's Bitcoin ETF is hanging in there with a modest $5.9 million inflow, while others like Bitwise, Ark 21Shares, VanEck, and Grayscale face the music with outflows as the market takes a breather.
Ethereum ETFs, on the other hand, had a bit of a rough ride, losing $20.8 million in net outflows on the same day. Grayscale's ETHE fund took a particularly hard hit, undoing gains made by BlackRock's and VanEck's funds.
To add some spice to this crypto cocktail, BlackRock's big day comes as Bitcoin takes a little tumble, dropping 3.3% from its recent high of $69,300. But fear not! It's bouncing back, trading at $67,500 as we speak.
While Bitcoin is catching its breath, altcoins are feeling the heat with Ethereum, Near Protocol, Sui, and Litecoin all taking bigger hits, dragging the total market cap down to $2.44 trillion.
So, buckle up, crypto enthusiasts, because BlackRock's bold moves are setting the stage for an exciting ride in the ever-evolving world of digital currency!
