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February 14, 2024

BlackRock's Bitcoin Inflows Surge to $5 Billion, Driving Market Growth

Emily Tremblay
Written byEmily TremblayWriter
Researched byNikos PapadopoulosResearcher

Founder of SkyBridge Capital Anthony Scaramucci has taken to Twitter to draw attention to the fact that BlackRock's Bitcoin inflows have reached a new high. According to Scaramucci, BlackRock's spot-based Bitcoin ETF, IBIT, has seen inflows of $5 billion, surpassing the $3 billion mark within the first month of its launch.

BlackRock's Bitcoin Inflows Surge to $5 Billion, Driving Market Growth

Inflows into Spot Bitcoin ETFs

Yesterday's inflows into spot Bitcoin ETFs amounted to over half a billion USD, reaching $631.3 million. This is a significant increase from the previous day's inflows of $493.4 million. The question arises as to who is selling to the ETFs and why.

Bullish Stance on Bitcoin

Scaramucci is known for his bullish stance on Bitcoin and other top-tier altcoins, including Ethereum. He has criticized the pessimistic sentiment surrounding the market and considers the overall $5 billion inflows for all ETFs to be impressive.

Record-Breaking Inflows

During a recent interview, Bitcoiner and angel investor Anthony Pompliano stated that BlackRock and Fidelity have set a new record for ETF inflows, with $3 billion in net inflows during the first month of trading. This surpasses the inflows of any other ETF in the past 30 years.

Bitcoin's Market Cap Surpasses $1 Trillion

Following the news of significant inflows into ETFs, the price of Bitcoin surged past $51,000, experiencing a 6.75% growth within 24 hours. Although the price has pulled back slightly to $51,200, Bitcoin's market capitalization has exceeded $1 trillion.

In conclusion, BlackRock's Bitcoin inflows have reached an impressive milestone of $5 billion, indicating growing interest and investment in the cryptocurrency market. This surge in inflows has contributed to the significant increase in Bitcoin's price and market capitalization.

About the author
Emily Tremblay
Emily Tremblay
About

Emily, a dynamic blend of tech-savvy and casino enthusiast, hails from the snowy landscapes of Canada. With her innate grasp of cultural nuances, she ensures online casino guides resonate deeply with Canadians. Emily's spirited and engaging nature makes her a favourite among peers.

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