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Over 50,000 Bitcoin is now under iShares Bitcoin Trust’s management.
BlackRock’s spot Bitcoin exchange-traded fund (ETF), iShares Bitcoin Trust, has eclipsed the $2 billion mark in assets today, according to data from the iShares website. This milestone came amid Bitcoin’s surge to $42,000, up to over 6% in the last 24 hours.
Following closely behind BlackRock, Fidelity’s spot Bitcoin product has over $1.7 billion in assets under management. However, recent observations by Bloomberg ETF analyst, James Seyffart, indicate a cooling trend in the inflow and trading volume of these ETFs in two consecutive days.
Update for day 10 of the #Bitcoin ETF Cointucky derby. Volumes and flows are both slowing down a bit. Another slight negative day on flows. Total net flows stand at +$744 million. $IBIT likely crosses 2 billion in assets today pic.twitter.com/apSLYRT6Vp
— James Seyffart (@JSeyff) January 26, 2024
The decline in momentum was more pronounced on Wednesday, with the ETFs experiencing the largest single-day net outflow so far, and BlackRock’s fund capturing only $66 million of that day’s total, Seyffart highlighted.
Day 9 complete for the #Bitcoin ETFs. BlackRock only took in $66 million. -$158 million outflow for the entire group which is the largest single day net outflow so far pic.twitter.com/I8dsFMs9vT
— James Seyffart (@JSeyff) January 25, 2024
Grayscale’s Bitcoin Trust (GBTC), on the flip side, has seen a slowdown in outflows over three consecutive days, according to data analysis platform Lookonchain. Fears over Bitcoin selling pressure have increased over the past week as the price of Bitcoin dropped 20% to $39,000 following the approval of spot Bitcoin ETFs.
With GBTC outflows now at ease, JPMorgan’s Managing Director, Nikolaos Panigirtzoglou, suggests that the slowdown in GBTC outflows may be indicative of reduced profit-taking activities by its customers.
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