According to Cointelegraph: BlackRock’s iShares Bitcoin Trust ETF (IBIT) has recorded its largest inflow day in over four months, with over $523 million flowing into the fund on Monday. This surge in investment coincides with the approval of multiple spot Ether ETFs for trading in the United States.

Key Highlights:

  • Record Inflows: The IBIT scooped up 7,759 Bitcoin, worth just over $523 million, marking the seventh-largest day of inflows in its history.

  • Total Assets: The total assets under management for IBIT now stand at 333,000 BTC, valued at approximately $22 billion.

  • Historical Context: The largest single-day inflow for IBIT was on March 18, with $849 million added, followed by $788 million on March 5.

ETHE discount to net asset value has tightened ahead of the launch of the spot ETH ETFs. Source: Kaiko

  • Market Reaction: Bitcoin briefly surged above $68,000 but failed to maintain momentum, trading at $66,440, a 1.8% drop over the past 24 hours.

Industry Impact:

  • ETF Competition: On the same day, the remaining 10 U.S.-listed Bitcoin ETFs saw combined net inflows of just $6.9 million, underscoring BlackRock's dominance in attracting investor funds.

  • Investor Sentiment: The significant inflows reflect strong investor interest and confidence in Bitcoin, despite its inability to break through key resistance levels.

Estimates for spot ETH ETF inflows compared to BTC ETFs. Source: ASXN

Market Outlook:

The anticipation surrounding potential announcements at the Nashville Bitcoin conference, particularly the speculation that Donald Trump might declare Bitcoin a strategic reserve asset, has fueled bullish sentiment. Analysts suggest that such an announcement could trigger a "parabolic" rise in Bitcoin's price.

With ongoing market volatility and upcoming political developments, investors and traders are closely monitoring these factors to gauge future movements and opportunities in the cryptocurrency market.

#BTC #ETF #ETH