BlackRock’s IBIT Reports Significant Inflows

BlackRock’s IBIT, the largest spot bitcoin exchange-traded fund (ETF) by net asset value, recorded a net inflow of $526.7 million on Monday, marking its largest intake since March 13.

Inflows Across U.S. Spot Bitcoin ETFs

On the same day, ten U.S. spot bitcoin ETFs, excluding Bitwise’s BITB, experienced a total of $533.57 million in net inflows, according to data from SoSoValue. The inflows breakdown is as follows:
– IBIT: $526.7 million
– Fidelity’s FBTC: $23.72 million
– Invesco and Galaxy Digital’s BTCO: $13.65 million
– Franklin Templeton’s bitcoin fund: $7.87 million

In contrast, VanEck’s HODL fund saw a $38.37 million net outflow, while funds such as Grayscale’s GBTC and Ark Invest’s ARKB reported zero flows for the day.

Performance of Spot Bitcoin ETFs

Since their approval in January, spot bitcoin ETFs have amassed $17.59 billion in net inflows, contributing to a total market capitalization exceeding $62 billion.

Despite this, Bitcoin’s price dipped 0.55% over the last 24 hours, trading at $67,562 after recently surpassing the $68,000 resistance level.

Approval of Spot Ethereum ETFs

In a significant development for the cryptocurrency market, the U.S. Securities and Exchange Commission has approved registration forms for spot Ethereum ETFs from various issuers. These funds are slated to go live on Tuesday afternoon.

Bloomberg ETF analyst Eric Balchunas previously predicted that Ethereum ETFs could attract 10% to 15% of the assets that spot bitcoin ETFs have garnered. Citigroup anticipates these funds could accumulate between $4.7 billion and $5.4 billion in the first six months of trading.

Future of Altcoin ETFs

The approval for Ethereum ETFs could also lead to further developments in ETFs based on other altcoins like Solana. Issuers 21Shares and VanEck have filed for spot Solana ETFs, but market experts suggest approval is unlikely in the near term.