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BlackRock’s Bitcoin Spot ETF Continues Impressive Growth
Financial behemoth BlackRock has witnessed remarkable success with its Bitcoin spot exchange-traded fund (ETF), showcasing a streak of growth for the 70th consecutive trading day. This achievement places the fund in contention with JP Morgan’s Equity Premium Income (JEPI) ETF, which boasted a 160-day streak—an illustrious record that BlackRock aims to match.
Since its inception on January 12, the BlackRock spot Bitcoin ETF has consistently experienced more deposits than withdrawals on each trading day. This exceptional performance has propelled the fund into the top 10 for the longest daily inflow streaks among ETFs dating back to 2004. Notably, the fund’s ticker IBIT now shares this prestigious position with the U.S. Global Jets ETF.
Amid Bitcoin’s recent 4% surge over the weekend, BlackRock’s spot Bitcoin ETF has seen its assets under management soar to an impressive $18.15 billion, as reported on the firm’s official website.
Expert Insight and Market Response
Prior to BlackRock reaching this milestone, Eric Balchunas, a senior ETF analyst at Bloomberg, humorously alluded to the possibility of the fund achieving this feat on Twitter. Fortunately, his jest did not turn into reality, as the fund’s streak remained unbroken, culminating in an inflow just a tad shy of $20 million.
While BlackRock’s accomplishment is certainly commendable, it falls short of JP Morgan’s Equity Premium Income ETF, which holds the record for the longest streak at an unprecedented 160 days—55 days longer than Vanguard’s Total International Bond ETF, the second-place contender.
Bitcoin Halving and Investor Sentiment
The commencement of trading for ETFs following the Bitcoin halving event over the weekend sparked some uncertainty among investors. Reports from Farside Investor indicated a tie with record-setting five-day outflows from Bitcoin ETFs, accompanied by CoinShares data revealing two-week outflows from “digital asset investments,” including spot Bitcoin ETFs.
In contrast, BlackRock’s success paints a different picture, suggesting that investors remained undeterred by the halving—which halved miner rewards. Intriguingly, data from Farside Investor revealed that the two trading days surrounding the event attracted inflows of approximately $60 million each, indicating a positive sentiment among investors despite the halving.
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