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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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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
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- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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