BlackRock Bitcoin ETF records $329 million net inflows despite market retreat

BlackRock’s iShares Bitcoin Trust (IBIT) has defied the market retreat with impressive net inflows of $329 million. This influx of investor funds occurred even as the price of Bitcoin dipped below $67,000. The strong performance of IBIT has positioned US spot Bitcoin ETFs as the preferred choice for investors, with a seven-day winning streak and net buying totaling more than $2.5 billion. Meanwhile, other competing ETFs, such as Bitwise, ARK Invest/21Shares, VanEck, and Grayscale (GBTC), experienced redemptions amounting to over $40 million. Fidelity’s Bitcoin Fund (FBTC) also reported gains of approximately $6 million. According to Bloomberg ETF analyst Eric Balchunas, IBIT has surpassed Vanguard’s Total Stock Market ETF in year-to-date inflows, becoming the third-ranked ETF less than ten months after its launch. As of October 18, IBIT held Bitcoin assets valued at $26.5 billion. Despite recent price fluctuations, the sustained interest in Bitcoin ETFs indicates strong institutional engagement, although market stability may be influenced by factors such as upcoming US elections and global tensions. At present, Bitcoin is trading at around $67,400, reflecting a 2% decrease in the last 24 hours, according to CoinGecko.