BlackRock iShares Bitcoin ETF trading under the ticker symbol “IBIT” has seen a record daily inflow of $788 million on Tuesday, as the crypto trading frenzy shows little signs of slowing down.

On Tuesday, Bitcoin reached a new all-time high of $69,000 boosting sentiment. The largest cryptocurrency is now trading at $65,700 during Asia hours on Thursday.

“Wow, $IBIT took in a record-smashing $788m yesterday, leading team effort for Nine w/ nearly $1b in gross flows despite the reverse God candle and way overwhelming $GBTC’s bleed. First small taste of how ETF investors gonna be way better HODL-ers then (some) ppl think,” posted Bloomberg Intelligence analyst Eric Balchunas on the social media platform X.

Wow, $IBIT took in a record smashing $788m yesterday, leading team effort for Nine w/ nearly $1b in gross flows despite the reverse God candle and way overwhelming $GBTC‘s bleed. First small taste of how ETF investors gonna be way better HODL-ers then (some) ppl think. pic.twitter.com/goeRwgrJLh

— Eric Balchunas (@EricBalchunas) March 6, 2024

BlackRock is the world’s largest asset manager with $10 trillion in assets as of December 31. Unsurprisingly, the firm entering Bitcoin with a new Spot Bitcoin product has triggered another bull market.

GBTC Sees $10B Outflows 

Grayscale’s Bitcoin fund has been dethroned and continues to bleed.

“$GBTC has seen almost $10b in outflows yet has the same amount of assets it did on launch day. Seems like magic, but it’s the bull market subsidy and same physics keeping outflow-ridden active equity mutual funds with massive assets still (albeit mirage-y since customers have left but who cares, revenue is still real)” posted Balchunas.

BlackRock’s IBIT ETF has beaten the GBTC into the ground by attracting huge inflows and superseding as the main trading vehicle for Bitcoin.

“It’s great to witness from a capital markets perspective that [BlackRock] iShares has superseded and replaced Grayscale’s GBTC from being the main trading vehicle for Bitcoin,” Laurent Kssis, a crypto expert on trading and ETFs at CEC Capital told Cryptonews in an interview.

“We always said the GBTC product was substandard for institutional investors but the first one to make it on the secondary market through a loophole in the rules to admit products on OTC markets,” explains Kssis.

The IBIT ETF continues to supersede all other products available in the market ranking second among all ETFs in terms of daily, weekly, and monthly flows.

“btw for context on relative size of $IBIT’s cash haul, it now ranks 2nd among all ETFs in 1D flow, 1W flow, 1M flow and 3rd in YTD flows.” posted Balchunas on the social media platform, X.

BTC Price Prediction

Bitcoin‘s resilience shines through as it stages a remarkable recovery. This bounce back, especially after a concerning dip below the $60,000 mark, reignites discussions around Bitcoin price predictions, with many investors and analysts eagerly speculating on the potential for new highs.

As the trading volume soars to nearly $76 billion, the digital currency’s robust performance underscores its unwavering dominance and sustained investor confidence in its long-term value proposition, reports Arslan Butt from Cryptonews.

The post Blackrock’s Spot Bitcoin ETF Sees Almost $800M Daily Inflows appeared first on Cryptonews.