BlackRock Reels In $527 Million as Bitcoin ETFs Extend 3-Week Inflow Streak

Key Takeaways

• BlackRock’s assets under management soared to a record $10.65 trillion in Q2.
• BlackRock’s IBIT significantly outperformed, attracting nearly $2 billion in inflows over 12 trading sessions.
• Speculation mounts that BlackRock CEO Larry Fink might be appointed U.S. Treasury Secretary if Donald Trump is re-elected.

U.S. spot Bitcoin (BTC) exchange-traded funds (ETF) have been on a roll, entering their third consecutive week of positive performance.

Leading the charge, BlackRock has set a notable pace in this rally, achieving  a record high of $10.65 million in positive inflows during the second quarter and taking Bitcoin ETFs to new heights.

Bitcoin Back in Favor? IBIT Surges with $2 Billion in Two Weeks

According to SoSoValue’s data , on July 22, ten U.S. spot Bitcoin ETFs collectively attracted $533.57 million in net inflows, excluding Bitwise’s BITB. BlackRock’s IBIT led the charge, followed by Fidelity’s FBTC, which added $23.72 million. Invesco and Galaxy Digital’s BTCO received $13.65 million in inflows, while Franklin Templeton’s Bitcoin fund attracted $7.87 million.

BlackRock’s IBIT alone amassed over $500 million in inflows. Over the last 12 trading sessions, the fund has seen nearly $2 billion in inflows, pushing its total since its January inception to over $19.5 billion. This substantial capital influx has significantly boosted IBIT’s share price, driving a strong recovery over the past two weeks.

BlackRock’s ETF now holds over 325,000 BTC, valued at over $22.5 billion. Meanwhile, its closest competitor, Fidelity’s FBTC, stood second with assets under management (AUM) totaling $12.19 billion.

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Bitcoin ETF Thrives, Ethereum ETF Looms

Amid these impressive inflows and trading volumes, the iShares Bitcoin Trust has seen its share price increase  by 20% over the past two weeks. Since its launch in Jan., the IBIT share price has risen by more than 46%. Currently, the immediate resistance level for IBIT is at $40.50. If it breaks through this level, there could be a further rally in the shares of IBIT.

BlackRock is set to make a significant mark in the crypto industry by launching a spot Ethereum ETF on Tuesday, July 23.