Leading US Bitcoin spot exchange-traded funds issuer BlackRock has acquired 363,626 BTC after just eight months of issuance.
The BlackRock iShare Bitcoin Trust (IBIT) bought 1,413 BTC on Thursday, valued at $93.38 million. Amidst increased investor traction, the issuer has bought 5,894 BTC ($387.68 million) in the past three days.
With the Thursday acquisition, IBIT has purchased 363,636 BTC ($23.68 billion) since the Bitcoin ETF products debuted in January. Notably, the issuer is the largest public firm holding the premier asset.
US Bitcoin Spot ETFs Record $365 Million Inflow
According to data from Sosovalue, the US Bitcoin spot ETFs continued their incessant inflows on Thursday, recording a net inflow of $365 million.
Surprisingly, the Ark 21Shares Bitcoin ETF led inflows, buying 1,752 BTC ($113.82 million) yesterday. The inflow came after the issuer sold $47.4 million worth of Bitcoin on Wednesday.
Furthermore, the Fidelity Wise Origin Fund (FBTC) bought 1,140 BTC, valued at $74 million. Since January, the issuer has seen a cumulative net inflow of $9.86 billion and a net asset of $11.61 billion in Bitcoin.
The Bitwise Bitcoin ETF (BIBT) saw an inflow of $50.38 million, taking its stash to $2.57 billion in Bitcoin. Notably, the fund has seen an inflow in five of the last six trading days, accumulating $95.4 million.
All other issuers saw net positive inflows aside from the Grayscale Bitcoin Trust (GBTC) and the WisdomTree Bitcoin Trust (BTCW). GBTC saw a single-day net outflow of $7.73 million, while BTCW recorded zero flow on Thursday.
Generally, the US Bitcoin spot ETFs have seen a cumulative total net inflow of $18.31 billion since inception. The Bitcoin products hold $60.03 billion worth of Bitcoin, representing 4.7% of the asset’s market cap.
Resurgent Inflows
The US Bitcoin spot ETF is currently on a six-day inflow streak, signaling renewed interest in the products. Demand for the ETFs has been lackluster since July, as investors seem cautious amidst significant market corrections.
However, the inflows have seen a massive turnaround, with the Bitcoin products buying $862.13 million worth of Bitcoin in the past six days. Notably, these inflows have pushed the Bitcoin price over 4% in the past seven days to a two-month high of $66,368.
Meanwhile, Standard Chartered head of digital asset research Geoff Kendrick’s predictions of a rebound in inflow in October seem to have come earlier than expected. The market expert stated that macroeconomic boosts will facilitate the increased adoption of the products.
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