Spot bitcoin ETFs have once again become desirable among institutional investors this week. A significant $533.6 million has flowed into four of the eleven listed bitcoin ETFs, according to preliminary data from Farside Investors. This marks 12 consecutive days of inflows.
BlackRock iShares Bitcoin Trust (IBIT) accounted for 98.7 percent of that total amount with $526.7 million, equivalent to 7,759 bitcoins. Moreover, it was the largest inflow day for BlackRock since March.
IBIT currently holds 327,179 bitcoins worth approximately $22 billion, according to its official website. This makes it the world’s leading bitcoin fund, with $3.5 billion more than Grayscale’s GBTC, which holds 272,061 bitcoins.
Spencer Hakimian, founder of Tolou Capital Management, noted that IBIT has even surpassed the inflows of the Invesco QQQ ETF, which tracks the performance of the Nasdaq-100. It could also soon surpass Vanguard’s Total Stock Market ETF, he said, before adding that the demand for bitcoin through ETFs is ‘relentless and truly unprecedented.’
Spot ethereum ETFs begin trading today. In the two months following the launch of bitcoin ETFs in mid-January, bitcoin rose by 62 percent to reach its peak value in mid-March.
If the same happens for ethereum, it could reach $5,300 by the end of September.
