BlackRock’s Bitcoin ETF, the IBIT experienced a huge inflow of funds, marking its largest day since March.
Money talks
On Monday, BlackRock’s spot Bitcoin ETF saw an influx of over $523 million, as the company brought in 7,759 Bitcoin, valued at just over $523 million at current prices.
This stack is a substantial addition to BlackRock’s holdings, and with this latest purchasing, the total inflows into the fund reached 333,000 BTC, equivalent to around $22 billion.
This influx is the seventh-largest on record for IBIT in terms of U.S. dollars. The biggest single day occurred on March 18, with $849 million worth of Bitcoin added to the fund.
The second-largest was on March 5, with $788 million in inflows. There is a strong investor interest and confidence in BlackRock’s Bitcoin ETF, and while the half a billion dollars day it’s not record, still impressive.
Big days on the market
The same day also saw approval for several spot Ether ETFs to begin trading in the U.S, and industry analysts predict that these new Ether ETFs could generate 10% to 20% of the flows what we saw with spot Bitcoin ETFs since their launch in January.
Many experts think this signals the growing acceptance and integration of cryptocurrency ETFs in mainstream financial markets, the maturity of the industry.
To the Moon!
Some analysts are optimistic about Bitcoin’s short to mid-term prospects, and predict incoming gains.
They cite recent political developments, such as President Biden’s dropout from the presidential race and increased chances of Donald Trump’s election victory, as positive factors for Bitcoin’s price.
One can speculate that Trump’s potential announcement at the upcoming Bitcoin 2024 conference, where he might propose making Bitcoin a strategic reserve asset, will push Bitcoin prices to the ’banana’ zone.
This term refer a social media meme what means prices becoming unpredictable, often with skyrocketing rise.
Markus Thielen from 10x Research foresee this as a very possible catalyst for a dramatic increase in Bitcoin’s price.
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