Bitcoin ETF

Bitcoin

BlackRock

On Thursday, BlackRock’s iShares Bitcoin Trust (IBIT) performed unexpectedly in the spot Bitcoin ETF market. Notably, IBIT registered net zero inflows despite the market’s resurgence.
Meanwhile, Bitcoin (BTC) appears to be recovering from its strong selling pressure, which pushed the coin below $50,000 earlier.&nbsp;<a href="https://www.thecoinrepublic.com/price-prediction/bitcoin/" rel="noopener noreferrer nofollow">BTC price</a>&nbsp;was trading at $58,291 at press time, registering a 0.5% increase in the past day.
<h2 class="wp-block-heading" id="h-spot-bitcoin-etf-inflow-resumes-but-blackrock-stagnant">Spot Bitcoin ETF Inflow Resumes, But BlackRock Stagnant</h2>
The spot Bitcoin ETF market picked up momentum on Thursday after recent weeks of persistent outflows. According to Farside Investors data, Ark Invest’s spot Bitcoin ETF (ARKB) saw the highest net inflows at $18.3 million. Following closely behind is Fidelity’s Wise Origin Bitcoin Fund (FBTC), which recorded net inflows of $11.5 million.
Other issuers that posted positive inflows include VanEck, Franklin Templeton, and Bitwise Investments. These issuers raised net inflows of $4.9 million, $3.4 million, and $2.2 million, respectively. However, Grayscale’s GBTC continued to post outflows, with $6.5 million flowing out of the fund.
During the session,&nbsp;<a href="https://www.thecoinrepublic.com/2024/08/30/blackrock-bitcoin-etf-records-rare-13-5m-outflow/" rel="noopener noreferrer nofollow">BlackRock’s IBIT</a>&nbsp;posted no inflows. This is the third consecutive day the fund has posted net zero inflows. The last time IBIT reported inflows was on August 26, at $224 million. However, BlackRock is still leading the Bitcoin ETF market with a total net inflows of $20.9 billion.
Fidelity’s FBTC is also another dominant player in the market. The fund ended Thursday’s session with a four-day streak of consistent inflows. The increase in inflows shows that investors are still interested in injecting capital into the Bitcoin ETFs despite recent losses.
<h2 class="wp-block-heading" id="h-market-reaction-to-latest-etf-outflows">Market Reaction to Latest ETF Outflows</h2>
Bitcoin ETFs have experienced significant outflows over the past week. On Wednesday, September 6, the spot Bitcoin ETFs registered the eighth consecutive day of outflows at $170 million.
This figure was, however, less than the&nbsp;<a href="https://www.thecoinrepublic.com/2024/09/04/bitcoin-etfs-see-largest-outflows-since-may-amid-market-sell-off/" rel="noopener noreferrer nofollow">$287.8 million in daily outflows</a>&nbsp;on September 3.
FBTC experienced the greatest outflow, totaling $162.26 million, followed by Grayscale’s GBTC, which totaled $50.39 million.
The crypto market reacted negatively following the recent outflows, which reflected Bitcoin’s downward movement. Bitcoin’s price dropped to as low as $50,000 as Bitcoin ETFs hit an eight-day streak of outflows.
Market experts even warned that Bitcoin could decline further. Substantial liquidations among top altcoins further evidenced the market’s nervousness.
<h2 class="wp-block-heading" id="h-next-etf-to-watch-xrp-and-sol">Next ETF to Watch, XRP, and SOL?</h2>
Following the launch of the Bitcoin and Ethereum ETFs, Solana (SOL) and XRP have become the next contenders in the race to get spot ETF approvals. The question in the market remains: Which altcoin will be the first to get approval after Ethereum?
In May, Standard Chartered&nbsp;<a href="https://www.thecoinrepublic.com/2024/05/30/standard-chartered-believes-xrp-etf-could-come-in-2025-algotech-capitalizes-on-healthy-market-trend/" rel="noopener noreferrer nofollow">hinted</a>&nbsp;that an XRP ETF could be launched next year. In February, Ripple’s CEO Brad Garlinghouse said the firm was ready to welcome an XRP ETF.
He added that he was optimistic about the approval and launch of ETF products on various other digital assets, including ETH, XRP, and Solana. However, the timeline for the approval of SOL or XRP ETFs highly depends on the SEC’s willingness to decide.
The post <a href="https://www.thecoinrepublic.com/2024/09/13/blackrock-edged-out-as-spot-bitcoin-etf-returns-to-inflows/" rel="noopener noreferrer nofollow">BlackRock Edged Out As Spot Bitcoin ETF Returns To Inflows</a> appeared first on <a href="https://www.thecoinrepublic.com" rel="noopener noreferrer nofollow">The Coin Republic</a>.

BlackRock Edged Out As Spot Bitcoin ETF Returns To Inflows

Table of Contents

Thecoinrepublic.com

Other articles published on Sep 13, 2024

The Benefits of Using Crypto Trading Bots for Passive Income

Coinpedia Fintech News

Ether.Fi Partners with Scroll to Launch Crypto-Backed Visa Credit Card

Penpie DeFi Protocol Hacked, $27M in Crypto Stolen

Magic Eden Launches New US Domain, Separates Services for US and International Users

BTC Dominance Slips as Altcoins Gain in Mixed Crypto Market

Join our free newsletter for daily crypto updates!