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$1 Billion in 24 Hours: BlackRock's Bitcoin ETF Breaks Records

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Fri, 8/11/2024 - 9:33
$1 Billion in 24 Hours: BlackRock's Bitcoin ETF Breaks Records
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In an extraordinary demonstration of demand for Spot Bitcoin ETFs, U.S. funds saw a record daily net inflow of $1.38 billion as Bitcoin itself hit new all-time highs. BlackRock's IBIT fund dominated the inflows, attracting a record $1.12 billion of the total, reflecting the hype of recent events and a growing appetite for regulated BTC exposure among traditional investors.

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Most definitely, more and more people are weighing in on Spot Bitcoin ETFs, which shows that investors are beginning to prefer safe, regulated Bitcoin-based financial products over direct exposure. 

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This increased interest is a sign that the retail side of the market is moving toward digital assets, especially as institutions like BlackRock offer access to the cryptocurrency through structured and compliant investment vehicles.

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Meanwhile, this ETF-driven activity parallels Bitcoin's upward momentum, with the cryptocurrency hitting all-time highs for three consecutive days.

$76,999 per Bitcoin

According to Binance Futures, the price of BTC hit a recent high of $76,849.99, while Coinbase records showed an even slightly higher high of $76,999, underscoring how the asset continues to gain as investor interest becomes abnormal. 

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BTC to USD by CoinMarketCap

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Ethereum-based ETFs have also caught the attention of investors, recording the third-highest single-day inflow in history, bringing in $79 million during the last trading session.

This development suggests that interest in crypto-backed financial products may extend beyond Bitcoin, suggesting a more diversified approach by investors looking to tap into a wider range of digital assets or trying to catch up through beta, as Ethereum lags significantly behind BTC in terms of price action.

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