BlackRock‘s spot Bitcoin exchange-traded fund (ETF) recently experienced its largest day of inflows in over four months, with more than $523 million entering the fund on Monday.
The iShares Bitcoin Trust ETF (IBIT) acquired 7,759 Bitcoin on July 22, valued at just over $523 million at the time of writing, according to Hey Apollo data shared by its co-founder on a July 23 X post.
These inflows bring the total assets under management for IBIT to 333,000 BTC, which is approximately $22 billion at current prices.
This day marks the seventh-largest inflow day in terms of US dollars for IBIT.
The largest single-day inflow for IBIT occurred on March 18, when $849 million worth of BTC was added to the fund.
The second-largest inflow day was on March 5, with the fund receiving $788 million in inflows, according to FarSide Investors data.
The significant inflows into BlackRock’s fund coincided with the approval of several spot Ether ETFs for trading in the US.
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Industry analysts predict that spot Ether ETFs will generate 10% to 20% of the inflows that spot Bitcoin ETFs have seen since their launch in January.
Additionally, several analysts expressed optimism about Bitcoin’s short to mid-term prospects in conversations with Cointelegraph on July 21.
They cited US President Joe Biden’s sudden withdrawal from the presidential race and the increased chances of a Trump victory as positive factors for Bitcoin’s price.
Markus Thielen, founder of 10x Research, speculated that Republican Party nominee Donald Trump might announce Bitcoin as a strategic reserve asset at the upcoming Bitcoin 2024 conference in Nashville, Tennessee, on July 25.
Thielen suggested that such an announcement could lead to a “parabolic” price increase for Bitcoin in the following weeks.
Bryan Courchesne, founder of the crypto asset management firm DAIM, echoed this sentiment on July 22, indicating a strong possibility of Trump officially recognizing BTC as a strategic reserve asset at the conference.
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