Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
BlackRock, the top asset manager, has clinched a key milestone on the spot Bitcoin ETF scene through its iShares Bitcoin Trust (IBIT). Specifically, IBIT has secured approximately $20 million in inflows this year.
BlackRock’s IBIT claims top spot
As a result, IBIT has claimed the top spot, attracting more investment than the other new ETFs launched in 2024. Nate Geraci, president of ETF Store, highlighted BlackRock IBIT's increasing popularity in a post on social media X. Geraci noted that out of all 375 new ETF launches in 2024, the next biggest non-spot Bitcoin ETF to IBIT amassed $1.3 billion inflows.
The details show that the top four spot Bitcoin ETFs launched in 2024 are IBIT, Fidelity’s FBTC, Ark Invest’s ARKB and Bitwise’s BITB. Global X Russell 2000 ETF placed fifth, with BlackRock's Ethereum ETF, ETHA, ranking sixth.
Alex DovbnyaAnalyzing IBIT’s prominence among its rivals, Bloomberg Senior ETF Analyst Eric Balchunas noted that the ETF ended with 414 reported holders in May. On the other hand, BITB boasts around 100 reported holders, FBTC has slightly under 250 and ARKB has less than 100.
The recent disclosure shows strong investor interest in Bitcoin and Ethereum through ETFs. More institutions are beginning to embrace cryptocurrency as an alternative means of investment. For instance, banking giant Goldman Sachs said it holds $419 million in Bitcoin ETFs. In a previous U.Today report, Larry Fink, BlackRock’s CEO, hailed Bitcoin as a diversified portfolio while comparing the cryptocurrency to gold.
Recovery of Bitcoin market
Bitcoin (BTC), the leading cryptocurrency, has experienced a notable uptick from its previous lows to the $60,000 price range. In the past 24 hours, BTC has inked a 4.2% increase to trade at $61,245. However, the trading volume declined by 12.6% to $28 billion, suggesting subdued investor interest.
After a tumultuous August, current price trends suggest that a possibly more bullish rebound is underway.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Tomiwabold Olajide
Dan Burgin
Alex Dovbnya