Bitcoin ETF

Bitcoin

Spot

As of the close of trading on February 29, the spot Bitcoin ETF market was saved by the massive inflows registered by iShares Bitcoin Trust (IBIT), the offering linked to the leading investment asset management firm BlackRock.&nbsp;
<h2 id="strong-blackrock-s-inflows-counterbalance-grayscale-s-outflows-strong">BlackRock’s Inflows Counterbalance Grayscale’s Outflows</h2>
Grayscale had a whopping $598.9 million in outflows on Thursday, a move that if not cushioned, would have crashed the spot Bitcoin ETF market significantly. This counterbalancing was provided by BlackRock’s IBIT which recorded a total of $604 million in inflows, sufficiently negating the impact of the huge fall from GBTC. Consequently, the total net inflows for all the ten spot Bitcoin ETFs were quite weak.
Collectively, the net inflows was brought to approximately $92 million. Notably, Grayscale’s GBTC outflows from Thursday happen to be the second largest that the firm has seen since the United States Securities and Exchange Commission (SEC) <a href="https://coingape.com/breaking-sec-gives-nod-to-spot-bitcoin-etf-opens-door-for-trading/" rel="noopener noreferrer nofollow">approved its Bitcoin ETF</a> as well as those from other issuers.&nbsp;
The outflow is suspected to be linked with Genesis’s decision to sell off its $1.3 billion worth of GBTC after <a href="https://coingape.com/genesis-cleared-to-sell-1-3b-gbtc-shares-will-btc-tank/" rel="noopener noreferrer nofollow">receiving clearance</a> from the court. Despite what the sentiment might be, BlackRock’s inflow confirms that there is still a growing interest from institutional investors who want to gain exposure to Bitcoin.&nbsp;
In such a short while, the leading asset manager has surpassed $10 billion in Assets Under Management.&nbsp;
<h2 id="strong-blackrock-s-spot-bitcoin-etf-hitting-multiple-milestones-strong">BlackRock’s Spot Bitcoin ETF Hitting Multiple Milestones</h2>
Many market observers had <a href="https://coingape.com/blackrocks-bitcoin-etf-nears-10-billion-aum-sooner-than-expected/" rel="noopener noreferrer nofollow">expected</a> the $10 billion threshold for a very long time, especially after considering the volumes of inflows that BlackRock registers on a daily basis. Earlier this week – February 27 – the spot Bitcoin ETF recorded a massive <a href="https://coingape.com/btc-price-59k-blackrock-bitcoin-etf-massive-520m-inflow/" rel="noopener noreferrer nofollow">$520M inflow</a> from a net inflow of $577 million and at the time, this came of as the largest inflow.&nbsp;
By February 28, IBIT took it a notch further with an inflow of $612 million. Till date, this remains the largest inflow for the BlackRock spot Bitcoin ETF. With the asset manager hitting milestones, it is obvious that BlackRock is performing better than was predicted.
Generally, it is believed that the growth of the spot Bitcoin ETF is responsible for the <a href="https://coingape.com/markets/bitcoin-price-prediction-are-etf-inflows-fuelling-btc-rally/" rel="noopener noreferrer nofollow">recent price rally</a> of the flagship cryptocurrency Bitcoin. The price of the coin has surpassed $60,000 as it is conveniently sitting at $61,790.37 even with a 1.98% decrease within the last 24 hours. The rise may be a driver for investors who intend to take in some profits, capitalizing on the momentum of the asset thus far.
The post <a href="https://coingape.com/spot-bitcoin-etf-blackrocks-ibit-surpasses-10b-in-aum/" rel="noopener noreferrer nofollow">Spot Bitcoin ETF: BlackRock’s IBIT Surpasses $10B in AUM</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Spot Bitcoin ETF: BlackRock’s IBIT Surpasses $10B in AUM

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