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BlackRock's iShares Bitcoin Trust (IBIT) raked in $780 million worth of Bitcoin within just 3 days.
IBIT also beat Grayscale's GBTC to become the world's largest Bitcoin ETF with $21.4 billion in assets.
Despite a slow April and May, the Bitcoin ETF market is showing strength, with a combined net inflow of $15.56 billion.
Bitcoin's price hasn't reacted significantly to the ETF inflows and remains below $71,500.
Market analysts like Christopher Inks believe Bitcoin's price will soon rise above $73,798 due to the ongoing ETF demand and possible FED rate cuts.
The crypto market doesn't seem to be doing much at the moment when it comes to price movement.
However, a lot is going on under the hood—especially in the ETF market.
Very recently, BlackRock’s iShares Bitcoin Trust (also known as the $IBIT) has taken in a staggering $780 million in Bitcoin within a mere three days, reigniting the fires of hope for the average investor, and indicating a shift in the general market sentiment.
According to data from Farside, despite the IBIT starting the week on a stagnant footing, things soon started to change when on Tuesday, the ETF raked in a staggering $274.43 million.
This number came in at $155.43 million on Wednesday, with an additional $350 million on Thursday.
Positive ETF inflows
This sequence of inflows has pushed the weekly gains for the IBIT up to a staggering $780 million weekly close.
Moreover, we also have the recent development in which Blackrock became the world's largest Bitcoin ETF, holding $19.68 billion in Bitcoin, after kicking Grayscale's GBTCs (which had $19.65 billion) off.
Grayscale’s Bitcoin ETF tops the charts
Recently, IBIT achieved a milestone by becoming the world’s largest Bitcoin ETF, amassing $21.4 billion in assets and surpassing Grayscale’s previous record. Right after these two, we have Fidelity’s Wise Origin Bitcoin Fund with around $12.28 billion.
At the time of writing, these ETFs have a Cumulative Total Net Inflow of $15.56 billion combined, with a Total Value Traded of $1.45 billion, as of 7 June.
Spot Bitcoin ETF metrics
All of these metrics show a great deal of resilience with Bitcoin and the ETF market, despite a relatively slow April and May.
Bitcoin’s price action has been impressive so far. However, the $71,500 zone remains a tough nut to crack.
Despite this relative stagnancy, however, market analysts remain hopeful, with many predicting that Bitcoin will soon break above its March peak of $73,798, on the back of the robust ETF demand and possible FED interest rate cuts.
Analysts like 30-year trading veteran, Christopher Inks also say that the ETF inflows haven’t had much of an effect on Bitcoin’s ability to break above $73,800 because “the market is made up of spot, futures, ETFs, and options […] and price at any point in time is a product of all of these, not just one of them.”
Overall, the renewed interest in the Bitcoin ETF market, as well as the boom in BlackRock’s iShares Bitcoin Trust shows a great deal of promise with investor behaviour and the future of crypto investment.
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