BlackRock’s Bitcoin ETF Records Ridiculously High Inflows

BlackRock's iShares Bitcoin Trust (IBIT) recorded a total of $329 million worth of inflows on Oct. 21.    

As noted by Nate Geraci, co-founder of The ETF Institute, the massively successful product has now taken in $1.5 billion worth of Bitcoin just over the past six trading days. 

That $1.5 billion alone would make IBIT one of the most successful launches of this year so far. Of course, IBIT has managed to attract a total of $23 billion worth of inflows since January. 

IBIT remains a dominant force in the Bitcoin ETF race, accounting for the biggest share of total inflows. On Monday, its inflows were bigger than the total net flows recorded by all ETFs. 

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In sharp contrast to IBIT's tremendous success, multiple Bitcoin ETFs were actually in the red. 

Bitwise Bitcoin ETF (BITB) recorded outflows of $22.1 million. 

VanEck's HODL ETF is in the red with $7.6 million worth of outflows. 

ARK 21Shares Bitcoin ETF (ARKB) and Grayscale Bitcoin Trust (GBTC) have also recorded $6.1 million and $4.8 million worth of outflows, respectively.     

Earlier this year, IBIT emerged as the main bullish catalyst for Bitcoin, attracting such high-profile buyers as Edmond de Rothschild (Suisse).

As reported by U.Today, cryptocurrency analytics platform CryptoQuant recently predicted that Bitcoin ETFs could end up boosting the price of Bitcoin in the fourth quarter. 

The cryptocurrency managed to reclaim the $69,000 last week. However, the bulls managed to maintain this strong momentum, with the leading cryptocurrency slipping back to $66,000.