BlackRock’s Bitcoin ETF Sees First Inflow After Three Weeks

BlackRock (NYSE:BLK) (IBIT) spot Bitcoin exchange-traded fund (ETF) scored its first inflow after three weeks of no positive flows. Dubbed the iShares Bitcoin Trust (IBIT), the cumulative inflow of $15.8 million also proved sufficient to pull the ETF market into the green.

BlackRock Tops Competitors in Net Inflows

Available data from Farside Investors reveals that BlackRock’s IBIT led the net inflow pack with its $15.8 million. Only three other asset managers were able to register positive inflows as well. They include:
– Fidelity (FBTC) with $5.1 million
– Franklin Templeton (EZBC) with $5 million
– VanEck (HODL) with $4.9 million
– Grayscale (BTC) with $2.8 million

Before Monday’s net inflow for BlackRock, it had 11 days of zero flows and two days of net outflows. This has been the longest spell for the world’s largest asset manager. Despite these seeming setbacks for IBIT, its dominance remains in the spot Bitcoin ETF space.

From January until now, BlackRock has generated a cumulative $20.9 billion in net inflows, setting it over $11 billion above the closest asset manager, Fidelity, which stands at $9.6 billion.

Other asset managers in the spot Bitcoin ETF space on Sept. 16 registered zero flows except for Grayscale (GBTC). It saw $20.8 million in outflows. Notably, Grayscale has the highest fee of 1.5%, a factor experts attribute its constant sell-off.

Market Sentiment and Bitcoin Price Resistance

Despite Grayscale’s massive outflow, the Bitcoin ETF market closed green with $12.8 million in net inflows, largely due to BlackRock’s inflows, which evened out the difference. As reported by U.Today, the top manager’s IBIT has set a milestone record in inflows.

At the time of writing, Bitcoin traded for $59,086, up by 0.68% in the last 24 hours. BTC has witnessed significant positive market sentiment recently, but it has not been sufficient to push it past the $60,000 level.

This article was originally published on U.Today