BLACKROCK-BITCOIN ETF IBIT SURGES, DRIVING $23.5 BILLION IN INFLOWS AFTER LARRY FINK’S KEY STATEMENT
Highlights
- 75% of IBIT buyers are first-time iShare ETF investors.
- CEO Larry Fink emphasizes Bitcoin's adoption is driven by "liquidity and transparency."
- IBIT inflows surpass $23.5 billion since its launch.
BlackRock’s Bitcoin ETF (IBIT) is cementing its position as a leader in the U.S. Bitcoin ETF market, with inflows topping $23.5 billion since its inception. On Wednesday, the ETF saw an additional $300 million in inflows, scooping over 4,500 BTC in just one day. This figure dwarfs Bitcoin’s daily production rate of 450 BTC, further underscoring IBIT's dominance.
Samara Cohen, head of BlackRock’s ETF division, attributed this success to pent-up demand for Bitcoin in the global market, which drove the company to launch this ETF earlier this year. Speaking at the Permissionless Conference in Utah, Cohen highlighted the efficiency of accessing Bitcoin through the ETF model, which has significantly contributed to the ETF market's growth, now valued at $63 billion.
ETF Store President Nate Geraci expressed amazement at IBIT’s staggering success, commenting:
“Retail investors have poured nearly $2 billion into IBIT over the past two weeks. This kind of growth is phenomenal for any ETF issuer."
Additionally, 13F filings indicate that 80% of IBIT’s new buyers are direct investors, with 75% having never owned an iShare ETF before. This signals a wave of new market participants entering the Bitcoin space via BlackRock’s innovative product.
Larry Fink’s Take on Bitcoin Adoption
Earlier this month, BlackRock CEO Larry Fink shared his perspective on Bitcoin’s increasing popularity. He downplayed the role of regulation, attributing Bitcoin’s adoption to “liquidity and transparency.” When asked about the upcoming U.S. elections, Fink remarked:
“I don’t think either presidential candidate would significantly impact Bitcoin. It’s not about regulation; it’s about liquidity and transparency.”
Crypto has also taken a front seat in the current U.S. election cycle, with donations exceeding $190 million. Both Donald Trump and Kamala Harris are keen to appeal to crypto-savvy voters as they recognize the growing importance of the digital asset space.
In summary, BlackRock’s IBIT ETF has achieved remarkable milestones, largely driven by retail investors and backed by the leadership of figures like Larry Fink. With its continuous inflows and rising influence, IBIT continues to reshape the U.S. Bitcoin ETF market landscape.
0 Comments