BlackRock’s spot Bitcoin exchange-traded fund (ETF) has experienced its largest inflow in over four months. The iShares Bitcoin Trust (IBIT) acquired 7,759 Bitcoin (BTC) on July 22, valued just over $523 million at current market prices. This substantial inflow brings the total assets under management for BlackRock’s fund to 333,000 BTC, amounting to $22 billion at today’s prices.
This marks the seventh-largest single day of inflows in U.S. dollar terms for IBIT. The fund’s record for the largest single-day inflow was set on March 18, when $849 million worth of Bitcoin was added. The second-largest inflow day occurred on March 5, with $788 million being invested in the fund, according to FarSide investor data.
On the same day as this significant inflow for BlackRock, a series of spot Ether (ETH) ETFs were approved for trading in the United States. Industry analysts predict that these spot Ether ETFs might attract 10% to 20% of the inflows that spot Bitcoin ETFs have garnered since their introduction in January.
In light of these developments, several analysts remain optimistic about Bitcoin’s short to mid-term prospects. They highlight recent political developments, including President Biden’s unexpected withdrawal from the presidential race and the increased likelihood of Donald Trump winning the upcoming election, as potential catalysts for Bitcoin’s price surge.