Asset management giant BlackRock’s iShares Bitcoin Trust (IBIT) exchange-traded-fund (ETF) is setting new daily inflow records.
Investors poured $875 million worth of daily inflows into BlackRock’s $31 billion Bitcoin (BTC) ETF earlier this week, according to the data aggregator Coinglass, as November’s highly anticipated presidential election approaches.
In a recent interview with Bloomberg TV, Bloomberg ETF expert James Seyffart says that the last two weeks or so have been unprecedented for ETFs centered around the top crypto asset by market cap.
“The last 13 days have been kind of extreme. I mean, 12 of the last 13 days have been inflows and the total inflows have been just shy of $5 billion…
Some of this is momentum chasing obviously as price runs up, some of this has to do with Trump’s odds of victory, people think that a Trump victory would be good for Bitcoin. I don’t know what’s exactly causing it, but there’s a lot of demand coming into these ETFs.”
In August, data from the London-based investment management firm Farside Investors revealed that IBIT’s previous record-high in terms of inflows was $849 million.
Bitcoin ETFs – which grant investors exposure to BTC without them having to actually purchase it – were approved by the U.S. Securities and Exchange Commission (SEC) earlier this year in January after a judge forced the regulator to reconsider its previous rejection of them.
Bitcoin is trading for $70,606 at time of writing, a 1.45% decrease during the last 24 hours.
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