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By all means, BlackRock iShares Bitcoin Trust (IBIT) has outperformed its counterparts in the last seven months. The spot Bitcoin ETF product currently has a record no other issuer can boast of. According to Nate Geraci, the president of ETFStore, IBIT has recorded only one day of outflow since it launched in January.
BlackRock spot Bitcoin ETF rises above crypto market crash
Geraci highlighted this milestone while pointing out that the product has seen up to $20.5 billion in inflows. He concluded his X post by describing IBIT as the “top launch of 2024.”
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“This is exactly what ‘no demand’ looks like,” Geraci added ironically.
On the first day of August, the cryptocurrency market experienced a global crash that left prices crawling. The magnitude of the plunge earned that day the title “red Monday” and forced many investors to sell their holdings. U.S. spot Bitcoin ETFs registered a collective outflow of $168 million. However, BlackRock’s IBIT saw no sell-offs, no inflows and no outflows.
That same day, Grayscale (GBTC) accounted for one-third of the group’s outflows. Based on the market outlook at the time, Eric Balchunas, Bloomberg senior ETF analyst, predicted that the week would register more outflows, up to billions or the equivalent of 5%.
The market later entered its recovery phase with a little less outflow, but IBIT remained afloat.
BlackRock IBIT records over $20 billion inflows
Two weeks into the month, U.Today reported that IBIT had secured approximately $20 billion in inflows this year. As a result, IBIT claimed the top spot and attracted more investment than the other new ETFs launched in 2024.
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The ETFStore president noted that BlackRock’s IBIT, Fidelity’s FBTC, Ark Invest’s ARKB and Bitwise’s BITB are the top four spot Bitcoin ETFs launched in 2024. Grayscale’s GBTC hardly comes close, and the trigger is likely its high management fee.