On July 22, BlackRock’s iShares Bitcoin Trust (IBIT) recorded its largest single-day inflow in over four months, with $523 million entering the fund. This influx, equivalent to 7,759 Bitcoin, raises the total inflows into IBIT to 333,000 BTC, valued at approximately $22 billion at current prices.
Significant Milestone for BlackRock’s Bitcoin ETF
The recent inflow on July 22 ranks as the seventh-largest single-day total in U.S. dollars for the fund, according to Hey Apollo data shared by its co-founder on July 23. For context, IBIT’s largest day of inflows occurred on March 18, with $849 million worth of Bitcoin added. The second-largest was on March 5, with $788 million in inflows, as noted by FarSide investor data.
Market Timing and Future Predictions
This substantial inflow coincides with the approval of spot Ether ETFs for trading in the U.S. Analysts predict that spot Ether ETFs could attract 10% to 20% of the flows seen by spot Bitcoin ETFs since their launch in January. This development highlights the growing investor interest in cryptocurrency-based ETFs.
Also Read: BlackRock’s Bitcoin ETF Continues to Attract Investors
Looking ahead, analysts remain optimistic about Bitcoin’s price trajectory. They cite recent political developments, including President Biden’s withdrawal from the presidential race and the increased likelihood of Donald Trump’s victory, as potential catalysts for Bitcoin’s price growth. Markus Thielen of 10x Research suggested that Trump might announce Bitcoin as a strategic reserve asset at the upcoming Bitcoin 2024 conference in Nashville on July 25, potentially leading to a significant price surge. Bryan Courchesne from DAIM also believes that Trump’s endorsement could solidify Bitcoin’s status as a strategic reserve asset, driving its price higher in the near future.
The recent $523 million inflow into BlackRock’s Bitcoin ETF underscores the strong investor confidence in Bitcoin as a valuable asset. As the fund’s total inflows reach 333,000 BTC, the market remains poised for further growth, driven by both financial developments and potential political endorsements.
