BlackRock Bitcoin ETF logs $318 million net inflows despite BTC price dip

Despite a dip in the price of Bitcoin, BlackRock’s IBIT Bitcoin ETF continues to attract significant net inflows. On October 31, the fund saw $318 million in net inflows, demonstrating its appeal to financial investors. This follows its record-breaking performance of $875 million on October 30, surpassing its previous high of $849 million. In total, the weekly inflows for IBIT now exceed $2 billion, as reported by Farside Investors. Meanwhile, other ETF providers experienced significant redemptions, with Fidelity’s FBTC witnessing over $75 million in net outflows and ARK Invest/21Shares, Bitwise, VanEck, and Grayscale ETFs collectively reporting $213 million in outflows. However, BlackRock’s IBIT ETF’s strong inflows have helped the US spot Bitcoin ETF group maintain positive momentum, with over $30 million in new investments. Since its launch, IBIT has accumulated nearly $30 billion in assets, half of which have been gathered in the past month. As a result, the combined holdings of US spot ETFs have now surpassed 1 million Bitcoin. Bloomberg ETF analyst Eric Balchunas has also noted that IBIT has attracted more investment than any other ETF in the past week, surpassing established funds like VOO, IVV, and AGG, despite being less than ten months old.