BlackRock’s spot Bitcoin exchange-traded fund (ETF) has notched its biggest day of inflows in over four months, with over $523 million entering the fund on Monday.
The iShares Bitcoin Trust (IBIT) scooped up 7,759 Bitcoin (BTC) on July 22 — worth just over $523 million at current prices — according to Hey Apollo data cited by its co-founder in a July 23 post to X.
The July 22 addition brings the total sum of inflows into BlackRock’s fund to 333,000 BTC which equates to $22 billion at current prices.
It marks the seventh-largest day on record for inflows into IBIT in US dollars.
IBIT witnessed its largest single day of inflows on March 18, when $849 million worth of BTC was added to the fund.
The second-largest day on record occurred on March 5, when the fund saw $788 million in inflows, per FarSide investor data.
Related: Gary Gensler will likely resign in 2025 after Biden exit — 10x Research
The massive day for BlackRock’s fund came on the same day that a roster of spot Ether (ETH) ETFs was approved for trading in the US.
Industry analysts expect spot Ether ETFs to generate 10% to 20% of the flows that spot Bitcoin ETFs have been generating following their launch in January.
Meanwhile, several analysts who spoke to Cointelegraph on July 21 are bullish on Bitcoin in the short to mid-term, citing Biden’s last-minute dropout from the presidential race and Trump’s heightened odds of an election victory as strong upside catalysts for the price of Bitcoin.
10x Research founder Markus Thielen speculated there was a solid chance Republican nominee Donald Trump could make a surprise announcement that he would make Bitcoin a strategic reserve asset at the upcoming Bitcoin 2024 conference in Nashville on July 25.
Thielen said this could trigger a “parabolic” move for the price of Bitcoin in the coming weeks.
Bryan Courchesne, the founder of crypto asset management firm DAIM echoed this prediction on July 22, saying there was a good possibility of Trump enshrining BTC as a strategic reserve asset at the conference.
Magazine: Crypto exposes sudden rift among Democrats months ahead of election
