BlackRock Bitcoin ETF Sees Net Inflows of $318 Million Despite BTC Price Drop

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BlackRock’s spot Bitcoin ETF, the IBIT fund, continues to be a preferred option for financial investors. The fund attracted approximately $318 million in net inflows on October 31 despite the price of Bitcoin falling 4% to $68,800.

This influx follows IBIT’s record performance of $875 million on October 30, which surpassed its previous high of $849 million. Weekly inflows into the fund have now surpassed $2 billion, according to data from Farside Investors.

Valkyrie’s BRRR fund also added nearly $2 million on Thursday. In contrast, other ETF providers have faced significant redemptions.

Fidelity’s FBTC ended its two-week positive streak with more than $75 million in net outflows. The ARK Invest/21Shares, Bitwise, VanEck and Grayscale ETFs collectively reported $213 million in outflows.

Despite the mixed performance of ETFs, the massive inflow of IBIT effectively helped the US spot Bitcoin ETF group maintain positive momentum, adding over $30 million in new investments. This is the seventh consecutive day of net inflows for the sector.

IBIT has accumulated nearly $30 billion in assets since its launch, about half of which was collected in the last month. Combined holdings of US spot ETFs now exceed 1 million Bitcoin.

Bloomberg ETF analyst Eric Balchunas noted that IBIT has attracted more investment than any other ETF over the past week, outpacing established funds like VOO, IVV and AGG, despite their launches ago less than ten months.

$IBIT has taken in more liquidity than any other ETF in the world over the past week. This is a total of 13,227 ETFs, of which $VOO $IVV $AGG etc. It’s so hard to beat these veteran cash hoovers even for a week, especially for an infant ETF (3 months to 1 year) pic.twitter.com/S443lUXVQk

– Eric Balchunas (@EricBalchunas) October 31, 2024

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