BlackRock’s IBIT achieves 70-day inflow streak milestone

BlackRock’s spot Bitcoin exchange-traded fund (ETF), IBIT, has achieved an impressive milestone by registering net inflows for 70 consecutive days.

This achievement places the fund among the top 10 exchange-traded funds with the longest daily inflow streaks in history, tying with the JETS ETF, which focuses on the airline industry.

On Monday, IBIT saw a net inflow of approximately $20 million, as reported by HODL15Capital and SosoValue data. This consistent performance has helped the ETF gain significant traction since its inception.

According to data shared by Bloomberg senior ETF analyst Eric Balchunas, the JPMorgan Equity Premium Income ETF (JEPI) currently holds the record for the longest daily inflow streak, with an impressive 160 days.

$IBIT inflow streak currently at 69 DAYS. one more day and it moves into Top 10 and ties $JETS (a streak I was equally as fascinated by) altho streak ending today would be pretty hilarious, show financial gods have sense of humor via @thetrinianalyst pic.twitter.com/niDzfaKqgp

— Eric Balchunas (@EricBalchunas) April 22, 2024

BlackRock’s spot Bitcoin ETF has also seen substantial growth in its assets under management according to official data. On Monday, the fund added over $600 million in AUM, bringing its total to $18.16 billion, up from $17.55 billion at the close of the previous Friday.

An ETF flippening

Despite the success of BlackRock’s IBIT, Grayscale’s spot Bitcoin ETF (GBTC) remains the largest among crypto-based funds since its launch in January. Data shows that the ETF has seen a sharp decrease in holdings before the Bitcoin halving.

Recent trends, including consistent outflows, suggest that GBTC may be at risk of losing its top position to BlackRock’s rival product. One factor that may contribute to this shift is the higher fee charged by Grayscale’s fund compared to BlackRock’s ETF.

The West is not alone in playing this game. In the first half of April, Chinese financial institutions applied for the approval of their local Bitcoin spot ETF. Soon thereafter, the first Bitcoin and Ethereum (ETH) spot ETF products were approved for trading by Hong Kong regulators. Singapore-based crypto services provider Matrixport noted that this investment vehicle could potentially unlock up to $25 billion in demand.

Featured image: ideogram

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