BlackRock Bitcoin ETF posts September’s biggest daily inflow of over $180M
2024.09.26 08:04
On Sept. 25, the world’s largest asset manager, BlackRock, attracted $184.4 million in inflows for its spot Bitcoin exchange-traded fund (ETF), marking the highest daily inflow of any fund in September, a month typically considered bearish for Bitcoin (BTC).
The Bitwise Bitcoin ETF (BITB) was the only other fund to see inflows on Sept. 25, pulling in $2.1 million, while Fidelity Wise Bitcoin Origin Fund (FBTC) and Ark 21Shares Bitcoin ETF (ARKB) faced outflows of $33.2 million and $47.4 million, respectively, according to Farside data.
BlackRock daily inflow first to cross $100M in September
BlackRock’s iShares Bitcoin Trust (IBIT) $184.4 million was the first inflow to break the $100 million mark in September, with ARKB logging $99.3 million on Sept. 13 and IBIT’s Sept. 24 inflows trailing close behind with $98.9 million.
The total cumulative spot Bitcoin ETF inflows since it launched in January is $17.94 billion. Source: Farside
For the fifth consecutive day, total cumulative flows into spot Bitcoin ETFs have been positive, amounting to $496.7 million over five days.
The streak follows the Federal Reserve’s much-anticipated decision to implement a 50 basis point rate cut, a move the crypto industry has been eyeing throughout 2024. Following the Sept. 18 decision, Bitcoin reclaimed $60,000, a level it hadn’t seen since Aug. 30.
Related: Bitcoin ETF trading volume tops $1B amid crypto crash — Galaxy
In a Sept. 26 post on X, CryptoQuant founder and CEO Ki Young Ju opined that the increasing demand for spot Bitcoin ETFs is a crucial reason why the US is “regaining dominance in Bitcoin holdings” compared to the rest of the world.
BlackRock amends rule with ETF custodian Coinbase
On Sept. 23, Cointelegraph reported that BlackRock filed for an amendment for its Bitcoin ETF following widespread investor concerns over ETF custodian Coinbase’s onchain settlement practices.
BlackRock’s amendment requires Bitcoin withdrawals within 12 hours from Coinbase, following widespread industry concerns about Coinbase’s ETF custodial practices.
Increasingly, investors have been asking Coinbase to provide onchain proof of the Bitcoin bought on behalf of the spot ETFs.
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
