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BlackRock’s Bitcoin exchange-traded fund (ETF) experienced daily net flow highest in 35 days as $224.1 million into the fund on August 26. After daily highs of $64,121, Bitcoin suffered a little decline, down over 2% in the last 24 hours to $63,031, which produced this increase of inflows. From a seven-day low of $58,656 to a high of $64,475 on August 25, its highest level since early August, the drop followed a strong weekly increase.
With the ETF having $526.7 million in inflows correlating with Bitcoin reaching a daily peak of $67,534, data from Farside Investors showed that the significant inflows into IBIT on August 26 was the largest since July 22. These inflows combined among the 11 U.S. spot Bitcoin ETFs to produce daily net flow of $202.6 million. Still, funds from Bitwise, Fidelity, and VanEck taken combined showed a net outflow of $32.1 million.
Other ETFs also exhibited inflows; the Franklin Bitcoin ETF (EZBC) saw net inflows of $5.5 million and the WisdomTree Bitcoin Fund (BTCW) experienced net inflows of $5.1 million respectively. Whereas U.S.-based Ether ETFs saw combined net outflows of $13.2 million, Ether’s price decreased 2.22% to $2,686 on the previous day.
Strong inflows for IBIT follow from well-known global crypto investment products in the week ending August 23. Coin Shares data reveals that, with $543 million, Bitcoin investment products saw the highest weekly inflows in five weeks. Leading the group with $318 million of these inflows, IBIT displayed once again leadership.
Head of research James Butterfill of Coin Shares connected the rise in crypto product sales last week to the assumption that the U.S. Federal Reserve will cut interest rates. Fed Chair Jerome Powell’s comments on August 21, suggesting that rate cuts would begin in September, fed this mindset.
Investors hoping to make money from changes in monetary policy and the bigger crypto market will most likely monitor Bitcoin ETF performance as the market responds to these developments.
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