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BlackRock's Bitcoin ETF Monday Posted First Net Inflows in 14 Days
The iShares Bitcoin Trust (IBIT), the largest of the bitcoin exchange-traded funds by assets-under-management, drew $15.8 million of new money yesterday.
Updated Sep 17, 2024, 2:49 p.m. Published Sep 17, 2024, 2:46 p.m.
- BlackRock's iShares Bitcoin Trust took in $15.8 million on Monday, ending its 13-day long streak of flat or negative flows.
- Overall, the ten U.S.-based spot bitcoin ETFs bled $770 million since Aug. 27.
BlackRock’s iShares Bitcoin Trust (IBIT) broke its 13-day long streak of flat or negative flows, with the fund Monday taking in $15.8 million, according to data from Farside Investors.
During its losing streak, IBIT's net outflows summed to $23.1 million, a small amount versus the more than $20 billion in assets under management at the fund. The 10 U.S.-based spot ETFs as a whole had about $1 billion in outflows over the same period.
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The string of outflows took place alongside a tumble in the price of bitcoin during late August and into early September amid uncertainty about the direction of global markets the U.S. presidential election and the upcoming Fed decision on interest rates. For the month of August, bitcoin fell 9% and it plunged even further during the first week in September. The price has rebounded a bit since, returning to $60,000 Tuesday morning for the first time since late last month.
Read more: Bitcoin ETFs Are Fine Despite Suffering Their Worst String of Outflows, Says Expert
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