According to data from Farside Investors. Yesterday, the iShares Bitcoin Trust(IBIT) – the largest bitcoin ETF by assets managed – drew a new $15.8million. This exchange-traded funds ended a string of 13 consecutive days with flat or negative flows.
IBIT’s net outflows totaled $23.1 millions over the past two weeks. 15.8 millions of those outflows were accumulated just on Monday. It is an incredibly small amount compared with the over $20 billion of assets managed by the fund. Inflows to the Bitcoin ETF funds were also affected by the decline in Bitcoin’s price at the end of August.
BTC, however, has gradually escaped this bearish phase. It is now back above $60,000 as of press time. IBIT’s recent performance was affected by uncertainty about global markets’ direction, U.S. Presidential election and the Fed’s upcoming decision to cut interest rates.
BlackRock’s IBIT ETF resumes positive inflows and support for BTC remains strong
BlackRock has been a strong supporter of Bitcoin since its launch in 2024. Recent statements by the $9 trillion asset manager company stated that Bitcoin is a hedge against global disorder Geopolitical unrest is a major concern. The company said in a press release that Bitcoin is a global alternative to traditional currencies. “could serve as a hedge against increasing global disorder and declining trust in governments, banks, and fiat currencies.”
Also Read: Bitcoin & Gold Emerge As Top Assets Of 2024: Will The Rally Continue?
BlackRock’s Bitcoin-based ETF was one of top Bitcoin ETFs in January 2024. Bitcoin’s price exploded after the fund was launched, hitting a record high of $73,000 by March 2024. Bitcoin ETFs and Ethereum ETFs are dominating discussions in the finance industry. The ETFs, however, are looking for a bounce back after an overall bearish summer, and August’s rough patch.
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Source: watcher.guru
