BlackRock has significantly increased its exposure to Bitcoin, as shown in the latest update of its Strategic Global Bond Fund portfolio. As of June 30, the fund now holds 16,000 shares of the iShares Bitcoin Trust (IBIT), up from 12,000 shares recorded at the end of May. 

This increase reflects the firm’s growing confidence in the digital asset space, particularly in Bitcoin’s performance.

Bitcoin ETFs witness record inflows

The broader U.S. spot Bitcoin ETFs market has seen substantial inflows, with a remarkable $252 million added in a single day. This marks the highest daily inflow since late July, pushing the total value of these ETFs to around $58.4 billion. The recent inflows underscore the strong investor demand for Bitcoin, particularly as institutional players like BlackRock continue to expand their holdings.

BlackRock’s IBIT has emerged as a leader in this space, attracting $87 million in inflows last Friday alone. The fund has consistently outperformed its peers since its launch, further solidifying its position as the top spot Bitcoin ETF. Fidelity’s FBTC followed closely behind, pulling in $64 million in the same period.

Mixed results for other Bitcoin funds

While BlackRock and Fidelity saw significant gains, the performance of other funds varied. Grayscale’s GBTC experienced a $35 million outflow but partially offset this with a $50 million inflow into their Bitcoin Mini Trust (BTC). Bitwise’s BITB fund attracted $42 million, while Ark and 21Shares’ ARKB brought in $24 million. VanEck’s HODL also saw positive results, with $14 million in inflows. Smaller funds like Invesco’s BTCO and Valkyrie’s BRRR, although attracting lower amounts, still managed to secure $3 million and $2 million, respectively.

Ethereum ETFs struggle amid Bitcoin’s surge

While Bitcoin ETFs have thrived, Ethereum-focused ETFs have encountered challenges. Since August 15, Ethereum ETFs have experienced consistent outflows, totaling nearly $99 million over seven consecutive days. Last Friday, as Bitcoin ETFs gained momentum, Ether funds saw $5.7 million in outflows. Grayscale’s ETHE was the hardest hit, with a $9.8 million outflow, pushing its total assets into negative territory.

However, not all Ethereum funds fared poorly. VanEck’s ETHV attracted $2 million, while Bitwise’s ETHW added $1.4 million. Fidelity’s FETH also saw a modest inflow of $700,000. Despite these gains, most Ether ETFs have struggled to attract significant investor interest, highlighting the current market preference for Bitcoin over Ethereum.

BlackRock’s decision to increase its Bitcoin holdings and the contrasting performances of Bitcoin and Ethereum ETFs demonstrate the shifting dynamics in the digital asset market. As institutional interest in Bitcoin continues to grow, the future of cryptocurrency investments remains a key focus for investors worldwide.

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