Bitcoin ETF Revenue Reaches $1 Billion in 3 Days—BlackRock Leads
Bitcoin ETFs (exchange-traded funds) have surpassed $1 billion in total net income over the past three trading days. BlackRock directs these positive flows.
In a positive market sentiment, BTC is trading above $67,000, which could recapture the high of $73,777.
Bitcoin ETF broke the $1 billion mark in 3 days
Total net inflows for spot Bitcoin ETFs in the United States rose to $1.18 billion over the past three trading days. Meanwhile, the aggregate net income measure hit a new high of $19.73 billion. Monday, October 14, saw the largest daily net inflow at $555.86 million.
The renewed interest was evident in the past week, with crypto investment inflows reaching $407 million. This reversed a negative flow of $147 million in early October, when attention was heightened to the US election.
Meanwhile, BlackRock remains at the forefront of this wave of institutional interest in Bitcoin investments. Alongside Fidelity, the two asset managers have collectively attracted nearly $760 million in the past three days, according to Farside data. On Tuesday, October 15, BlackRock led earnings, posting positive inflows of up to $288.8 million.
Read more: What is a Bitcoin ETF?
The increasing revenue flows are in line with Bitcoin's 13% price increase since Friday. Analysts at Standard Chartered predict that this momentum could see Bitcoin hit its peak as the US election approaches. CoinShares researchers echoed this sentiment, saying that the rising demand is due to US politics rather than monetary policy.
BlackRock's dominance in the Bitcoin space is unsurprising, the company's cryptocurrency. Alongside microstrategy's Michael Saylor, BlackRock is one of Bitcoin's strongest advocates. During the Q3 earnings call, CEO Larry Fink revealed that IBIT reached a $23 billion market cap in nine months, fueled by billions in investments.
Read more: Who will have the most Bitcoins in 2024?
Despite the enthusiasm around Bitcoin, products related to Ethereum do not show the same feeling for BlackRock. Challenges range from few entries to net outflows for some offerings, suggesting a concentration of interest in Bitcoin. Robert Michnik, head of digital assets at BlackRock, attributed this to the complex investment narrative surrounding Ethereum.
“We believe in Ethereum's potential, but we know that it will take time for investors to fully understand the value of this asset,” Michnik said in a speech at the Messari Minenet conference in New York.
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