This week, the IBIT fund saw a notable surge in investments. After recording no inflow on Monday, IBIT attracted a substantial $274.43 million on Tuesday and an additional $155.43 million on Wednesday. By Thursday, the fund had drawn another $350 million, bringing the week’s total inflow for IBIT to approximately $780 million, according to data from SoSoValue.
Recently, BlackRock’s iShares Bitcoin Trust achieved a significant milestone by becoming the world’s largest Bitcoin ETF. It now boasts $21.4 billion in assets, surpassing Grayscale’s $20.1 billion. The Fidelity Wise Origin Bitcoin Fund ranks third with $12.3 billion.
On Thursday, other Bitcoin ETFs saw relatively more minor inflows. Fidelity’s Bitcoin ETF received net inflows of $3.1 million, while VanEck’s ETF garnered $2 million. Conversely, Ark Invest’s ARKB experienced substantial net outflows, with $96.6 million withdrawn. Grayscale’s converted GBTC and Bitwise’s BITB also faced outflows, losing $37.6 million and $3.1 million, respectively.
Spot Bitcoin ETFs have continued to attract investors, achieving the longest streak of net inflows since their inception. These funds have amassed a total of $15.55 billion since January. Although inflows slowed during April and May, they rebounded below March’s peak levels.
Amid these inflows, Bitcoin’s price has risen slightly. It trades around $71,219, a 0.41% increase over the past 24 hours. Market analysts are optimistic, predicting that Bitcoin could exceed its March peak of $73,798. This expectation is driven by strong ETF demand and anticipated Federal Reserve interest rate cuts.
