Key Takeaways
- BlackRock's IBIT saw $329 million in inflows after a 3% Bitcoin dip.
- The fund has crossed $23 billion in total net inflows.
- Fidelity's Bitcoin ETF recorded $5.9 million in inflows on the same day.
Investors in BlackRock’s iShares Bitcoin Trust (IBIT) poured $329 million into the fund on October 21, capitalizing on a 3% dip in Bitcoin’s price. This marked the third time in four trading days that IBIT saw over $300 million in inflows, as investors moved to buy the dip.
On the same day, the Fidelity Wise Origin Bitcoin Fund was the only other U.S. spot Bitcoin ETF to record positive inflows, adding $5.9 million. Other U.S. spot Bitcoin ETFs posted zero or negative net flows.
BlackRock’s IBIT continues to dominate spot Bitcoin ETFs, surpassing $23 billion in total net inflows. It also ranks as the third-largest ETF in terms of inflows for 2024, following only Vanguard and BlackRock’s S&P 500 index funds, VOO and IVV, according to Bloomberg analyst Eric Balchunas.
The surge in inflows occurred as Bitcoin’s price dropped to a daily low of $66,975 on October 21, cutting into a 10-day rally that saw the price rise from $59,000 to $69,130. The dip came after Bitcoin failed to break the $70,000 resistance level.
Despite the recent pullback, Bitcoin ETFs continue to attract significant capital, with total net inflows across all U.S. spot Bitcoin ETFs reaching $21.2 billion.
