BlackRock’s Bitcoin ETF Is Pulling Away From Rest of the Pack
- IBIT had more inflows this week than all others combined
- Trading volume for IBIT also significantly higher than rivals
Blackrock iShares Bitcoin Trust ETF signage at the Nasdaq MarketSite in New York.
Photographer: Michael Nagle/BloombergBlackRock Inc. is starting to dominate the nascent Bitcoin exchange-traded fund sector, with its iShares Bitcoin Trust (ticker IBIT) attracting more investor inflows this week than the rest of the other recent entrants combined.
Rising Bitcoin prices have attracted more investors to the much anticipated group of US spot Bitcoin ETFs — often referred to as the “Newborn Nine” — which were launched last month after the US Securities and Exchange Commission approved the new investment vehicle. Nearly $2.5 billion have flowed into the ETFs this week, with IBIT capturing about 58% of the week’s total, data compiled by Bloomberg show. On Monday, the fund saw the second highest single day of trading activity since it launched, with roughly $35 million shares changing hands.