BlackRock's Bitcoin Fund Reaches Nearly $18 Billion

BlackRock's Bitcoin spot exchange-traded fund (ETF) has raked in nearly $18 billion in assets since its launch on January 11.

Accordingly, the fund enters the top 3% of ETFs ever launched, as Bloomberg Intelligence ETF analyst Eric Balchunas posted on X.

According to Balchunas, the fund is currently 88th among all spot ETFs and is larger than BlackRock's Emerging Markets ETF, Japan ETF, US Treasury Bond ETF and VanEck Semiconductor ETF – all of which are are “veteran” funds.

And neither BlackRock nor Fidelity Investment's Bitcoin ETF has had outflows in the past 60 days.

Demand fluctuates

Bitcoin ETFs saw inflows of $643 million last week, while total inflows into crypto instrument products reached $13.8 billion since the start of the year, CoinShares wrote in a report Monday. – 30% higher than the previous annual record in 2021.

“Despite this, there are signs that demand from ETF investors is easing,” CoinShares said, pointing out weekly flows have not reached the same levels as in early March.

Weekly trading volume is down 59% since the beginning of March, from 43 billion to more than $17 billion.

However, Short Bitcoin investment products recorded outflows for the third consecutive week. CoinShares attributed the $9.5 million outflow to “small-scale capitulation by bearish investors.”

Meanwhile, Grayscale's Bitcoin Trust has suffered further outflows – more than $731 million left the fund last week, and more than $15 billion has been withdrawn from the fund since its conversion to an ETF.

But the Bitcoin price has shown good performance, up 54% since the US Securities and Exchange Commission (SEC) approved the investment vehicles – meaning Grayscale's ETF still has nearly $22 billion in assets la.

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