- Around half a billion dollars have poured into BlackRock’s Bitcoin ETF on the same day that a wave of new Ether ETFs received approval to start trading.
With more than $523 million coming into the BlackRock spot Bitcoin exchange-traded fund (ETF) on Monday, it saw its largest day of inflows in more than four months.
Hey Apollo data reported by its co-founder in a July 23 post on X shows that the iShares Bitcoin Trust (IBIT) grabbed up 7,759 Bitcoin BTC tickers down $66,912 on July 22 — worth little over $523 million at current levels.
With the increase on July 22, BlackRock’s fund has received 333,000 BTC in total inflows, or $22 billion at current pricing.
It is the seventh-largest day ever for US dolla inflows into IBIT.
The greatest day of inflows into IBIT occurred on March 18, when $849 million worth of Bitcoin were added to the fund.
According to FarSide investor statistics, the fund attracted $788 million in inflows on March 5, making it the second-largest day ever.
The day that a roster of spot Ether ETH tickers down $3,525 ETFs was permitted for trading in the US coincided with the historic day for BlackRock’s fund.
Industry observers predict that 10% to 20% of the flows that spot Bitcoin ETFs have been producing since their inception in January will be generated by Ether ETFs.
Speaking with Cointelegraph on July 21, a number of analysts expressed their short- to mid-term bullishness on Bitcoin, pointing to Trump’s increased chances of winning the election and Joe Biden’s sudden withdrawal from the race as major upward triggers for the price of the cryptocurrency.
Markus Thielen, the founder of 10x Research, surmised that Republican nominee Donald Trump may unexpectedly declare at the forthcoming Bitcoin 2024 conference in Nashville on July 25 that he would turn Bitcoin into a strategic reserve asset.
According to Thielen, this might cause the price of Bitcoin to swing in a parabolic manner over the next few weeks.
On July 22, Bryan Courchesne, the founder of the cryptocurrency asset management company DAIM, reiterated this forecast, stating there was a strong chance Trump will declare Bitcoin to be a strategic reserve asset during the conference.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
