Coinspeaker Spot Bitcoin ETFs See Fourth Straight Day Inflow with $459M Recorded on Wednesday
US-listed spot Bitcoin exchange-traded funds (ETFs) continued to see strong inflows this week. On October 16, institutional investors poured a total of $459 million into the crypto investment products, making it the fourth day of positive inflows.
Leading the charge was BlackRock’s iShares Bitcoin Trust (IBIT), which attracted over $393 million in a single day. Data from SoSoValue shows IBIT has been drawing institutional investments consistently, with a cumulative inflow of $22.46 billion over the past four days.
BlackRock Now Controls 2% of Bitcoin Market Share
Since the introduction of the product in January 2024 following a rigorous review process by the US Securities and Exchange Commission (SEC), BlackRock’s IBIT has hemorrhaged a total of $25.83 billion in net assets. As of Wednesday, the product holds around 2% of the entire Bitcoin market share of $1.33 trillion.
Other US spot Bitcoin ETFs also posted modest gains, with Fidelity’s FBTC fund recording $14.81 million and ARK Invest’s ARKB securing $11.51 million in daily inflows. However, Grayscale’s GBTC fund remained neutral, showing neither positive nor negative activity.
BlackRock has been one of the key players enjoying sustained inflows into Bitcoin ETFs. The firm’s CEO, Larry Fink, has recently shifted his stance on Bitcoin, now recognizing it as a legitimate asset class.
During BlackRock’s Q3 2024 earnings call, Fink said that the flagship crypto asset is in a class of its own, likening it to commodities such as gold.
“We believe Bitcoin is an asset class in itself. It is an alternative to other commodities like gold,” he said.
This marks a significant turnaround for Fink, who was once a vocal critic of Bitcoin, previously labeling it a tool for money laundering. Earlier this year, in an interview with CNBC, Fink publicly admitted that he had been wrong about the potential of the digital asset.
A Change of Heart
This is not the first time Bitcoin has proven its critics wrong, turning them into ardent supporters. Important personalities like former US President Donald Trump who is currently running against Kamala Harris to return to the white house were once dismissive of Bitcoin.
Trump on many occasions called the flagship crypto asset as “worthless” due to its volatile nature. However, the table has turned and the former President is one of the many supporters of Bitcoin. His 2024 presidential campaign has even begun accepting donations in Bitcoin and other cryptocurrencies.
Trump’s family has also become active in the crypto space, with Melania Trump engaging with non-fungible tokens (NFTs). The former first lady had on many occasions launched NFTs which sold out within 24 hours.
In addition to both BlackRock CEO and Trump, other personalities like Mark Cuban, an American billionaire and politician have embraced the thing they previously rejected. Cuban in his critics said Bitcoin has no intrinsic value but now, the billionaire has a decent portfolio of the same asset he criticized.
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Spot Bitcoin ETFs See Fourth Straight Day Inflow with $459M Recorded on Wednesday
