BlackRock’s iShares Bitcoin Trust (NASDAQ: IBIT) ETF has attracted over $1 billion in inflows this week alone, which has helped propel the apex crypto to a 10% seven-day gain.
What Happened: According to data from SoSo Value, spot bitcoin ETFs in the U.S. garnered $470 million on Thursday alone. BlackRock’s IBIT was the frontrunner, pulling in $309 million, contributing to a total of $1.07 billion for the week.
According to crypto analyst Rachael Lucas, per The Block, this trend is due to favorable macroeconomic conditions. When central banks reduce interest rates, investors explore alternative assets.
Thursday’s trading volume for bitcoin ETFs was approximately $1.47 billion, slightly lower than the previous day. Since January, cumulative net inflows have reached $20.66 billion, a milestone described by Bloomberg’s Eric Balchunas as “the most important metric in ETF world.”
Why It Matters: The surge in inflows Bitcoin ETFs comes as the cryptocurrency industry continues to grow according to important metrics.
The Securities and Exchange Commission had approved Bitcoin ETFs in January this year, following a controversial incident involving a hack of the SEC’s account.
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