Blackrock ETF (IBIT) tops the market with an impressive $526 million inflow in 24 hours on the 22nd of July. This pushes this Bitcoin ETF to go more than 30 days without recording any negative net flow. In this article, we will discuss the recent market performance and factors that might be behind it.
Blackrock ETF Records a Massive $526 Million Inflow in One Day
Blackrock has emerged as the number one ETF in the crypto market after recording a massive $526 million inflow in one day. According to data from CoinMarketCap, it had a massive $526.7 million inflow on 22nd July, while Fidelity ETF only came second with a meager $26 million inflow.
However, comparing the last seven days, Blackrock’s ETF has become a major player. On July 19th, this ETF had an inflow of $116 million, coming second to Fidelity ETF, which had a $141 million inflow. On the 18th, it was still the number one with a $102 million flow, and a subsequent $110 million inflow on the 17th. Moreover, things were even better on the 16th of July, when it had an inflow of over $260 million.
In a nutshell, the last time this ETF didn’t have any inflow was on July 8th, when it had $0 inflow. Furthermore, as alien as it sounds, the Blackrock ETF has not recorded any negative inflow in the last 30 days. Even when the ETF market had a negative net flow of $174 million on 24th June, it had a $0 Inflow. Even in the last 90 days, the last time this ETF had a negative net flow was on the 1st of May, with a negative $36 million.
Why is the Blackrock ETF Surging? Donald Trump and Larry Fink?
There are many theories behind the massive appreciation in Blackrock ETF, with one of them being the recent speculations of Donald Trump considering BlackRock CEO Larry Fink for Treasury secretary. Apparently, it turns out that Donald Trump has become pro-crypto since the advent of the US elections and is promising to lift some of the hostilities imposed by the Biden administration.
However, he has also come out to debunk the recent claims of Larry Fink being the secretary of his election treasury.
“I don’t know who said it, or where it came from […] but I never discussed, or thought of, Jamie Dimon or Larry Fink for Secretary of the Treasury,” Donald Trump said.
Another major reason behind the surge in Bitcoin ETF inflows is due to the recent surge in Bitcoin’s price. BTC price increased to as much as $68k before declining to $65k. Apparently, this pushed the market to enter into a bullish mode, with the crypto fewer and greed index reading 63, and the overall crypto market cap increasing to over $2.4 trillion.
Conclusion
Blackrock ETF is one of the best performing Bitcoin ETFs, and it is continuing its impressive performance after recording a massive $526 million inflow in a day. Moreover, data shows it has not had outflows in the last 30 days, and it only had a negative net flow in the last 90 days on 1st of May with a negative $36 million. It is speculated that the recent links of Donald Trump with Larry Fink might be the reason behind the heightened ETF inflow. Moreover, the recent BTC surge to $68k might have played a huge role.
Cover Image from Microsoft Designer
The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from CryptoNewsBytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from the company.
