BlackRock’s IBIT Hits $2B Inflows, Google Greenlights ETF Ads

BlackRock Bitcoin ETF (IBIT) achieves over $2 billion in total net inflow, while Google will allow Bitcoin ETF ads from Jan 29.
blackrock bitcoin etf thumbnail

Renowned investment company BlackRock’s IBIT has emerged as a dominant force in the Bitcoin spot ETF market, displaying exceptional performance since its trading debut on January 11. With a record-setting individual daily inflow of $386 million on January 12, BlackRock Bitcoin ETF has now surpassed a significant milestone, accumulating a total net inflow exceeding $2 billion.

BlackRock Bitcoin ETF’s Stellar Performance

According to data from BitMEX Research, on January 25, IBIT achieved an impressive daily inflow of $170.7 million, propelling its market cap beyond the $2 billion mark. The following day, it continued its remarkable performance with an additional $87 million in inflows.

This has solidified its position as the best-performing fund among the newly approved Bitcoin spot ETFs by the US Securities and Exchange Commission (SEC).

blackrock bitcoin etf
Bitcoin Spot ETF Flow data – Day 11 — Source

Bloomberg analyst James Seyffart attributes this success to the recent surge in BTC’s price, stating:

“Yes, the bitcoin price has pushed IBIT’s assets beyond $2 billion. This plus likely new flows today should mean it will be above $2 billion at close.”

On the other hand, Grayscale’s GBTC spot Bitcoin ETF has encountered a substantial decrease in outflows, shedding approximately 6,000 BTC, worth about $255 million day 11. Notably, this has resulted in an overall positive inflow of $14.8 million into Bitcoin ETFs.

The positive outlook is reflected in recent bitcoin prices, with the leading digital asset rebounding by 5% to reach the $42,000 mark on Saturday. Despite this recovery, bitcoin remains 14% below its post-ETF approval highs, highlighting the ongoing volatility in the market.

Fidelity Set to Surpass $2B Inflow Mark

While IBIT leads the pack, Fidelity’s FBTC is not far behind, recording $100 million in inflows on January 26 and bringing its total flows to $1.935 billion.

Other notable performers in the Bitcoin spot ETF market include Bitwise’s BITB and Ark Invest’s ARKB, both boasting individual cumulative AUMs of over half a billion dollars.

As the landscape of Bitcoin ETFs continues to evolve, these developments underscore the dynamic nature of the market, with both established and emerging players vying for dominance.

Google to Magnify Growing Competition

As competition intensifies among providers of spot Bitcoin ETFs, the related advertisements are set to reach every household. Under its revised policy, Google will display Bitcoin ETF ads starting January 29, 2024. In its effort to ensure compliance with local regulations, the tech giant emphasizes that advertisers targeting specific regions must adhere to the respective local guidelines.

Initially, the advertisements will debut exclusively in the United States, but their prevalence is expected to expand beyond national borders.

The expansive reach of Google is expected to magnify bitcoin adoption, reaching a wide global audience. When factoring in Google websites and Play Store apps, the potential audience size can extend into several billions.

BlackRock’s IBIT’s surpassing of the $2 billion inflow mark, coupled with Fidelity’s strong presence, showcases the massive competition among ETF issuers. As this competition intensifies, Google’s entry into Bitcoin ETF-related advertisements is poised to further amplify the visibility of these investment vehicles.

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