BlackRock’s IBIT Records Biggest Inflow Day Since March at $523M

BlackRock’s spot Bitcoin ETF, the iShares Bitcoin Trust （IBIT）, experiences its largest single-day inflow in over four months, reflecting strong investor interest.

Points

• IBIT saw an inflow of $523 million on a single day.
• This brings the total inflows into the fund to 333,000 BTC, valued at $22 billion.
• The inflows coincide with the approval of several spot Ether ETFs.
• Analysts are bullish on Bitcoin due to recent political developments in the US.
• Speculation about Trump potentially endorsing Bitcoin as a strategic reserve asset is rising.

BlackRock’s iShares Bitcoin Trust （IBIT） has recorded its largest single-day inflow since March, with $523 million entering the fund on July 22. This significant addition brings the total inflows into IBIT to 333,000 Bitcoin （BTC）, valued at approximately $22 billion at current prices.

Cointelegraph

The surge in inflows marks the seventh-largest day on record for IBIT in US dollar terms. The largest single-day inflow occurred on March 18, with $849 million added to the fund. The recent inflows come as the U.S. Securities and Exchange Commission （SEC） approved a roster of spot Ether （ETH） ETFs for trading in the US, highlighting the growing institutional interest in cryptocurrency investment products.

Several analysts have expressed bullish sentiments on Bitcoin, citing recent political developments as potential catalysts for price increases. The withdrawal of President Joe Biden from the presidential race and the increased likelihood of Donald Trump winning the 2024 election are seen as positive factors. Some analysts speculate that Trump could announce Bitcoin as a strategic reserve asset at the upcoming Bitcoin 2024 conference in Nashville, potentially triggering a parabolic price movement for Bitcoin.

Markus Thielen, founder of 10x Research, and Bryan Courchesne, founder of crypto asset management firm DAIM, both suggest that Trump’s endorsement of Bitcoin could lead to significant price gains in the coming weeks.

解説

• BlackRock’s iShares Bitcoin Trust （IBIT） has seen a substantial inflow of $523 million, the largest since March, indicating strong investor confidence in Bitcoin.
• The approval of spot Ether ETFs by the SEC has contributed to the bullish sentiment, attracting more institutional investors to the cryptocurrency market.
• Political developments, including Biden’s withdrawal and Trump’s potential endorsement of Bitcoin, are seen as major factors driving positive market sentiment and potential price increases.
• Analysts are optimistic about Bitcoin’s short- to mid-term prospects, with speculation about Trump’s support for Bitcoin adding to the bullish outlook.