BlackRock’s Bitcoin ETF has recorded over half a billion dollars of inflows following the news of spot Ether ETFs launch to begin trading.
On Monday, the spot Bitcoin exchange-traded fund (ETF) of BlackRock experienced its most significant day of inflows in more than four months, with a total of $523 million being invested in the fund.
According to Hey Apollo data cited by its co-founder in a July 23 post to X, the iShares Bitcoin Trust (IBIT) acquired 7,759 Bitcoin on July 22, equivalent to just over $523 million at current prices.
The cumulative sum of inflows into BlackRock’s fund has reached 333,000 BTC, equivalent to $22 billion at current prices, with the July 22 addition.
It is the seventh-largest day on record for inflows into IBIT in US dollars.
On March 18, IBIT experienced its most significant single day of inflows, as $849 million in BTC was deposited into the fund.
According to FarSide investor data, the fund experienced $788 million in inflows on March 5, the second-largest day on record.
BlackRock’s fund experienced a significant day on the same day that a roster of spot Ether ETFs was certified for trading in the United States.
Industry analysts anticipate that spot Ether ETFs will generate 10% to 20% of the flows that spot Bitcoin ETFs have generated since their initial introduction in January.
In the interim, several analysts who spoke with Cointelegraph on July 21 are optimistic about the short- to mid-term performance of Bitcoin. They cite Biden’s last-minute withdrawal from the presidential contest and Trump’s increased likelihood of winning the election as significant catalysts for the price of Bitcoin.
Markus Thielen, the founder of 10x Research, predicted that Republican nominee Donald Trump could suddenly announce at the Bitcoin 2024 conference in Nashville on July 25 that he would designate Bitcoin as a strategic reserve asset.
Thielen stated that this could result in a “parabolic” increase in the price of Bitcoin in the upcoming weeks.
On July 22, Bryan Courchesne, the proprietor of crypto asset management firm DAIM, reiterated this prediction, asserting that there was a high likelihood that Trump would designate BTC as a strategic reserve asset during the conference.