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BlackRockās Bitcoin Exchange-Traded Fund (ETF) recently saw a significant increase in demand. The total market value of all spot Bitcoin ETFs reached over $63 billion this week. Interestingly, the crypto asset manager contributed largely to this inflow. With its massive market value, BlackRock continues to position itself as the dominant player in the rapidly expanding market.
Bitcoin ETFs Break $63 Billion Barrier
This week, spot Bitcoin ETFs reached a notable $63 billion in total market value with nearly $20 billion in new investments. BlackRockās Bitcoin ETF played a major role, contributing half the $2.1 billion in net inflows over the past five days.Ā
This came a few days after BlackRockās iShares Bitcoin Trust (IBIT), one of the most prominent Bitcoin ETFs, saw no new inflows. Interestingly, since the U.S. launch of Bitcoin ETFs, its net inflows have reached over $20.66 billion. Again, BlackRockās IBIT ETF leads the pack, accumulating over $1 billion in the past week alone.
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The Bitcoin Rally Fuels ETF Growth
Samara Cohen, BlackRockās Chief Investment Officer for ETFs and index investments, shared insights into the trend at the Permissionless Conference in Utah. Cohen pointed out that the increase in inflows signals a growing interest in Bitcoin investment through simplified products like ETFs.Ā
Enthusiastically, she said since the launch of BlackRockās spot Bitcoin ETF, it has attracted attention for making Bitcoin investments more accessible. Cohen emphasized that ETFs and blockchain technology share the goal of decentralizing financial products. This aligns with BlackRockās strategy to innovate in the crypto space.
As investors anticipated, Bitcoinās price has followed an upward trend. Currently, it is trading at $68,140, up by 0.53% in a single day, as per CoinMarketCap data. This price surge has sparked investorsā excitement and the Bitcoin community. The digital asset is now trading at a 140% increase over the past year.Ā
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The impact of Bitcoinās gains extended beyond the crypto market. It has boosted crypto-aligned stocks like Coinbase, which saw a 24% rise in value. Bitcoinās performance has significantly fueled interest in ETFs, cementing BlackRockās leadership position.
Institutional Interest Lags, But Momentum Builds
Institutional investors and wealth managers have slowly embraced Bitcoin ETFs despite the surge. However, there are signs of growth in institutional interest. Firms like Morgan Stanley have begun offering Bitcoin ETF products to high-net-worth clients, signaling a shift in the traditional finance world.Ā