Crypto News– The BlackRock iShares Bitcoin Trust (IBIT) has emerged as one of the top-performing exchange-traded funds (ETFs) in 2024, ranking among the top five ETFs in terms of inflows, according to Bloomberg Intelligence data.
BlackRock Bitcoin ETF Surges Into Top 5 for 2024 Inflows
With over $3.19 billion in flows, the IBIT has outperformed numerous established funds, trailing only broad index funds such as those tracking the S&P 500 and the Vanguard Total Stock Market ETF. Despite experiencing a delayed start on NASDAQ while awaiting SEC approval, the BlackRock ETF now sits within the top 0.16% of the 3,109 ETFs trading in the United States, as highlighted by Eric Balchunas, a senior Bloomberg ETF analyst.
Further analysis by Balchunas indicates an even more impressive standing at 0.02% when comparing BlackRock’s ETF performance against an estimated 10,000 ETFs globally. Meanwhile, the Fidelity Bitcoin Fund has also demonstrated robust performance, attracting $2.51 billion in inflows, placing it eighth among U.S.-based ETF products.
Both the BlackRock and Fidelity Bitcoin ETFs have witnessed recent improvements in their rankings, climbing from eighth and tenth positions, respectively, at the end of January.
Outflows from Grayscale’s Bitcoin ETF Decelerate
Grayscale’s spot Bitcoin ETF has observed a consistent decrease in outflows, marking its sixth consecutive day of decline with a total of $73 million on February 6, according to data from BitMEX Research and Bloomberg ETF analyst James Seyffart.
In contrast, inflows from other Bitcoin ETF issuers have consistently exceeded outflows from Grayscale’s GBTC for at least seven consecutive days. The latest outflow figure represents an 88% decrease from Grayscale’s highest outflow day on January 22, when a substantial $640 million exited the newly converted ETF.
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