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BlackRock’s iShares Exchange-Traded Funds (ETFs) have experienced unprecedented Bitcoin (BTC) and Ethereum (ETH) inflows. According to recent reports by Lookonchain, these inflows mark the largest the asset management giant has ever seen in its cryptocurrency products, signaling growing institutional confidence in digital assets.
BlackRock BTC and ETH ETFs Surpassed Other Crypto ETFs
The report showed that BlackRock’s iShares’ Bitcoin ETF accumulated 351,454 BTC ($21 billion) on August 21, with about 933 BTC (approximately $56 million) in inflows. Meanwhile, other spot Bitcoin ETFs did not experience inflows that day. However, Bitwise, Invesco Galaxy, and Grayscale experienced outflows of 109 BTC, 214 BTC, and 9 BTC, respectively.
Within a week, BlackRock Bitcoin ETFs inflow amounted to 2,891 BTC, worth approximately $176,155,857. Fidelity Investment became second with 1,071 BTC. Unfortunately, Grayscale, Invesco Galaxy, and Bitwise lost about 3,361 BTC, 337 BTC, and 332 BTC within one week.
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Notably, BlackRock’s spot, Ethereum ETF, is not left out. It experienced inflows of about 10,300 ETH ( worth over $26.88 million) within 24 hours. Also, BlackRock’s spot ETH ETFs have a total of 332,723 ETH, equivalent to $867.74 million in fiat. The ETHA has also accumulated 20,603 ETH within a week.
Similarly, as reported by TheCoinRise, BlackRock ETFs have surpassed Grayscale in on-chain holdings. The report showed that BlackRock holds $21,217,107,987 in ETFs, while Grayscale holds about $21,202,480,698, $14,627,289 less than BlackRock.
BlackRock CEO on IBIT’s Performance
BlackRock’s CEO Larry Fink is riding high on IBIT’s success, hailing it as the fastest-growing exchange-traded fund in history. In a recent interview with Fox Business, Larry expressed his astonishment at IBIT’s rapid ascent, highlighting its unprecedented $13.5 billion in flows within 11 weeks of trading.
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Larry’s enthusiasm for IBIT is palpable. He marveled at its impressive performance, which has surpassed his expectations. BlackRock’s offering has garnered over $260 million in inflows per trading day, signaling a robust investor appetite for exposure to Bitcoin. While industry leaders like BlackRock continue to thrive, smaller payers must navigate a challenging landscape to carve out their niche.
Crypto ETFs Performance
Since their launch in January this year, spot Bitcoin ETFs have attracted huge interest, accumulating a net inflow of over $17.71 billion. Conversely, spot Ether ETFs have experienced a rocky start, with a net outflow of over $439 million since their launch in July. Despite these initial challenges, the greater acceptance of crypto ETFs reflects a growing recognition of digital currencies within mainstream finance.
Recall that investment giant BlackRock projects that cryptocurrency-backed ETFs will become integral components of “model portfolios” by late 2024. Usually provided by sophisticated brokerage companies, model portfolios use a diversified investing strategy to balance risk and return by a clear, open approach. Acting as pre-designed investment templates, they streamline the procedures for advisers and investors.
As such, BlackRock sees major growth in model portfolio management. The digital asset firm predicts an increase from $4.2 trillion to $10 trillion within five years.
