BlackRock’s IBIT Records 18 Days of Consecuite Inflows

BlackRock’s flagship iShares Bitcoin Trust ETF (IBIT) has now had 18 consecutive days of positive flows. The product saw $69 million worth of inflows on Thursday. IBIT’s net assets are now approaching a whopping $63 billion. Overall, Bitcoin ETFs were in the green with $117 million worth of inflows. Grayscale’s GBTC is the only product in the red with $23 million in outflows. Meanwhile, the Bitcoin price is now inching closer to a new record high, currently trading at $103,633 on the Bitstamp exchange. On Thursday, Bitcoin hit $100,000 for the first time since early February. Notably, the leading cryptocurrency is now less than 5% from setting a new record high. Bitcoin’s current lifetime price peak of nearly $109,000 was achieved in late January. Because of the inflows that were recorded on Thursday, spot Bitcoin ETFs have reached a new peak of all-time flow, hitting $40.33 billion, according to Bloomberg. They have now surpassed the previous peak of $40.25 billion that was recorded on Feb. 7. Earlier this year, Bitcoin ETFs recorded substantial outflows due to macroeconomic uncertainty. However, these products rebounded after the leading cryptocurrency showed its ambidextrous nature and started performing like gold. Some analysts believe that this prompted more institutional buying and fueled the ongoing rally. Bitcoin ETFs were launched last year after years of anticipation under the leadership of former Chair Gary Gensler. After approaching Ether ETFs last year, the SEC, which is now spearheaded by libertarian Paul Atkins, is likely to approve a slew of other altcoin ETFs by the end of the year. Source: https://u.today/blackrocks-ibit-records-18-days-of-consecuite-inflows