Asset management giant BlackRock’s iShares Bitcoin Trust (IBIT) exchange-traded-fund (ETF) is setting new daily inflow records.
Investors cast According to data aggregator Coinglass, $875 million in daily inflows flowed into BlackRock’s $31 billion Bitcoin (BTC) ETF earlier this week as November’s highly anticipated presidential election approaches.
In a recent interview with Bloomberg TV, Bloomberg ETF expert James Seyffart said say that the past two weeks have been unprecedented for ETFs centered around the top crypto assets by market cap.
“The past thirteen days have been quite extreme. I mean, 12 of the last 13 days were inflows and the total inflows were just under $5 billion…
Some of this is obviously chasing momentum as the price rises, some of this has to do with Trump’s chances of winning; people think a Trump win would be good for Bitcoin. I don’t know what exactly is causing it, but there is a lot of demand for these ETFs.”
In August, data from London-based investment management firm Farside Investors revealed that IBIT’s previous record in terms of inflows was $849 million.
Bitcoin ETFs – which offer investors exposure to BTC without having to actually buy it – were approved by the US Securities and Exchange Commission (SEC) earlier this year in January, after a judge forced the regulator to reconsider its previous rejection of them.
Bitcoin is trading at $70,606 at the time of writing, down 1.45% over the past 24 hours.
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