By Nermeen Nabil 
BlackRock’s spot bitcoin ETF, the financial behemoth’s exchange-traded fund, has continued its impressive performance streak, securing inflows for the 70th consecutive day. This remarkable achievement places BlackRock’s ETF among the elite top 10 in the history of exchange-traded funds with the longest streaks of continuous daily inflows.
The significance of this milestone was highlighted early on Monday when Bloomberg’s senior ETF analyst, Eric Balchunas, shared a graphic on X (formerly Twitter), indicating BlackRock’s position. According to Balchunas, if the BlackRock fund, operating under the ticker IBIT, managed to secure another day of net inflows, it would ascend into the top 10, tying with the JETS ETF. The JETS fund, which aggregates shares from companies in the airline sector, previously occupied the 10th spot alone with its own sequence of 70 consecutive days of inflows.
BlackRock’s spot bitcoin ETF reported a net inflow of $20 million on Monday, according to HODL15Capital, while SosoValue data presented a slightly lower figure at $19.65 million for the same day. This continued influx of investment has not only spotlighted the ETF’s performance but has also significantly enhanced its assets under management (AUM).
The ETF experienced a substantial growth in its AUM on Monday, with an addition of over $600 million, elevating its total AUM to a staggering 18.16 billion, as reported by BlackRock. This growth reflects an increase from the $17.55 billion in net assets recorded at the close of the previous Friday, underlining the ETF’s rapid growth and investor interest.
In comparison, Grayscale’s spot bitcoin ETF, which ticks under GBTC, has been leading as the largest among the crypto-based funds since their inception in January. However, recent trends, including consistent outflows from GBTC, have begun to signal a potential shift in investor preference towards BlackRock’s competing product. Grayscale’s fund, which was converted from its flagship fund with nearly $30 billion in AUM at launch, carries a higher fee than the ETF offered by BlackRock.
This shift is indicative of the evolving landscape in the cryptocurrency investment sphere, as investors increasingly seek products that offer both security and profitability. BlackRock’s spot bitcoin ETF’s recent performance, marked by its significant inflows and AUM growth, positions it as a formidable contender in the space, potentially poised to overtake its competitors should current trends persist.
Notably, the JPMorgan Equity Premium Income ETF, or JEPI, holds the record for the longest streak of daily inflows at 160 days, as highlighted in Balchunas’s posts, setting an impressive benchmark for ETF performance.
As the financial industry continues to evolve, with an increasing focus on cryptocurrency as a viable asset class, products like BlackRock’s spot bitcoin ETF are at the forefront, reshaping investor perceptions and strategies. Such trends underscore the growing integration of cryptocurrency into mainstream investment platforms, signaling a broader acceptance across the financial landscape.
This article emphasizes the dynamic nature of investment in the cryptocurrency sector and the significant role that innovative financial products play in attracting investment capital. As the sector continues to mature, the strategies employed by investment giants like BlackRock will undoubtedly influence the direction and adoption of cryptocurrency investment on a global scale.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry.
Nermeen Nabil Khear