BlackRock's Bitcoin ETF Sees Inflows After 13-Day Losing Streak
The iShares Bitcoin Trust (IBIT), the largest of the bitcoin exchange-traded funds by assets-under-management, drew $15.8 million of new money yesterday, breaking a 13-day long streak of flat or negative flows. During its losing streak, IBIT's net outflows summed to $23.1 million, a small amount versus the more than $20 billion in assets under management at the fund.
Bitcoin Price Tumble Coincides with ETF Outflows
The string of outflows took place alongside a tumble in the price of bitcoin (BTC) during late August and into early September amid uncertainty about the direction of global markets the U.S. presidential election and the upcoming Fed decision on interest rates. For the month of August, bitcoin fell 9% and it plunged even further during the first week in September.
Price Rebounds as Inflows Return to Bitcoin ETF
The price has rebounded a bit since, returning to $60,000 Tuesday morning for the first time since late last month. The 10 U.S.-based spot ETFs as a whole had about $1 billion in outflows over the same period, but the IBIT fund managed to see inflows, suggesting renewed investor interest in the crypto asset.
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