Republican

Bitcoin ETF

Gary

Donald Trump

BlackRock’s spot Bitcoin exchange-traded fund (ETF) has notched its biggest day of inflows in over four months, with over $523 million entering the fund on Monday.
The iShares Bitcoin Trust ETF (IBIT) scooped up 7,759 Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) on July 22 — worth just over $523 million at the time of writing — <a href="https://heyapollo.com/bitcoin-tracker/flows" target="_blank" rel="noopener nofollow">according</a> to Hey Apollo data cited by its co-founder in a July 23 X&nbsp;<a href="https://x.com/julian__fahrer/status/1815532825619435941?s=46&amp;t=MuRujqZUAz3TQE1vmr3c6A" target="_blank" rel="noopener nofollow">post</a>.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/62ff241e-64d8-41c6-bc8e-3ca09099e820.png" alt="BlackRock Bitcoin ETF records biggest inflow day since March at $523M" title="">
 <figcaption style="text-align: center;">
 Source: <a href="https://x.com/julian__fahrer/status/1815532825619435941?s=46&amp;t=MuRujqZUAz3TQE1vmr3c6A" target="_blank" rel="noopener nofollow">Julian Fahrer</a>
 </figcaption>
</figure>
The July 22 inflows bring the total assets under management for IBIT to 333,000 BTC, worth around $22 billion at current prices.
It marks the seventh-largest day of record for inflows into IBIT in United States dollars.
IBIT witnessed its largest single day of inflows on March 18, when $849 million worth of BTC was added to the fund.
The second-largest day on record occurred on March 5, when the fund saw $788 million in inflows, <a href="https://farside.co.uk/?p=1321" target="_blank" rel="noopener nofollow">according</a> to FarSide Investors data. 
Related: <a href="https://cointelegraph.com/news/gary-gensler-resign-2025-biden-exit-white-house-10x-research">Gary Gensler will likely resign in 2025 after Biden exit — 10x Research</a>
The large inflows to BlackRock’s fund came on the same day that a roster of spot Ether (<a href="https://cointelegraph.com/ethereum-price">ETH</a>) ETFs were&nbsp;<a href="https://cointelegraph.com/news/spot-ethereum-etfs-begin-trading-sec-approval">approved for trading</a> in the US. 
Industry analysts expect spot Ether ETFs to generate <a href="https://cointelegraph.com/news/ether-etfs-sidekick-bitcoin-etfs-bloomberg-analyst">10% to 20% of the flows</a> that spot Bitcoin ETFs have generated since they launched in January. 
Meanwhile, several analysts who spoke to Cointelegraph on July 21 <a href="https://cointelegraph.com/news/what-joe-biden-withdrawal-means-crypto-bull-run">are bullish on Bitcoin</a> in the short to mid-term. They cited US President Joe&nbsp;<a href="https://cointelegraph.com/news/joe-biden-withdraws-united-states-presidential-race">Biden’s last-minute dropout</a> from the presidential race and Trump’s heightened odds of an election victory as strong upside catalysts for the price of Bitcoin. 
10x Research founder Markus Thielen <a href="https://cointelegraph.com/news/gary-gensler-resign-2025-biden-exit-white-house-10x-research">speculated there was a solid chance</a> Republican Party nominee Donald Trump could make a surprise announcement that he would make Bitcoin a strategic reserve asset at the upcoming Bitcoin 2024 conference in Nashville, Tennessee, on July 25. 
Thielen said this could trigger a “parabolic” move for the price of Bitcoin in the coming weeks. 
Bryan Courchesne, the founder of crypto asset management firm DAIM echoed this prediction on July 22, saying there <a href="https://cointelegraph.com/news/asset-manager-trump-admin-bitcoin-strategic-reserve-asset">was a good possibility of Trump</a> enshrining BTC as a strategic reserve asset at the conference. 
Magazine: <a href="https://cointelegraph.com/magazine/crypto-voters-are-already-affecting-the-2024-presidential-election/">Crypto exposes sudden rift among Democrats months ahead of election</a>

BlackRock Bitcoin ETF records biggest inflow day since March at $523M

Cointelegraph

Other articles published on Jul 23, 2024

What is Robert Kiyosaki's Net Worth and Crypto Connection?

NPC Labs Raises $18M to Revolutionize GameFi on Base Network

MoonBag vs. HUND: Why Sky's the Limit with MoonBag in the Crypto Universe

Terra Luna Investors: Don’t Miss the Deadline for Filing Your Claim

Everything to know about Vitalik Buterin’s Circle STARKS

Polygon Projects in LATAM Get $250K Boost from Lumx Fund

Join our free newsletter for daily crypto updates!