As noted by ETF analyst Eric Balchunas, BlackRock's iShares Bitcoin Trust ETF (IBIT) has now made it to the top 5 exchange-traded funds (ETFs) by year-to-date inflows.
The extremely successful product has now attracted close to $9 billion in YTD inflows.
Notably, IBIT was in 47th place in terms of inflows last month. Over the past month alone, however, they attracted more than $6.5 billion worth of inflows.
"As gold and cash ETFs slip down, the leaderboard is slowly turning back into 2024," he said.
At the current rate, IBIT is now on track to become the second-biggest ETF in terms of inflows by July 4.
Interestingly enough, BlackRock's juggernaut also appears to be on track to surpass Satoshi. As of now, the mysterious Bitcoin creator remains the leading individual holder of the cryptocurrency. However, IBIT could take his crown as early as next summer. In fact, if Bitcoin experiences a substantial rally, this could happen even sooner since Bitcoin's price ascent could likely spur more institutional investment.
The second-biggest volume ever
Balchunas has also added that IBIT is on track to post the second-biggest volume day ever on Wednesday. There is also a small chance that they could shatter the all-time record that was set on Jan. 23. Most Bitcoin ETFs are also on track to double their average trading volume. This indicates that these products keep attracting substantial flows, according to Balchunas.
The data provided by SoSoValue shows that the cumulative net assets of BlackRock's IBIT are now approaching a staggering $68 billion. Yesterday, this product attracted $287 million in fresh inflows.
Vladislav Sopov
U.Today Editorial Team