On the notorious ‘4/20’, the BlackRock Bitcoin spot ETF (IBIT) reached a remarkable 69-day streak of continuous inflows, sparking a wave of memes and social media frenzy. If IBIT continues to attract inflows today, it will secure a place in the top ten ETFs with the longest inflow streaks, currently held by JPMorgan Equity Premium Income ETF (JEPI) at 160 days.
The crypto industry had been waiting for over a decade for its first spot ETF, and since their introduction, these ETFs have not disappointed. BlackRock, in particular, has been setting the pace, and on Friday, it recorded 69 consecutive days of inflows, needing just one more day to enter the top ten longest streaks in history.
According to data from Farside, a London-based investment firm, BlackRock’s Bitcoin spot ETF, IBIT, has attracted a total of $15.42 billion as of Friday. On that day alone, it brought in $29.3 million, the second-highest amount in the sector, surpassed only by Fidelity, which added $54.8 million. Fidelity’s FB TC now holds $8.14 billion.
Ark’s ETF also performed well, adding $12.5 million, the third-highest inflow in the sector, bringing its total to $2.27 billion. However, Grayscale experienced a significant outflow, losing $45.8 million in a day and a total of $16.73 billion overall. VanEck’s Bitcoin Trust ETF was the only other fund to record net outflows, amounting to $1.8 million.
Friday marked the 69th consecutive day of inflows for BlackRock, and crypto enthusiasts quickly took notice, flooding social media with memes. This milestone occurred just one day before April 20, globally recognized as 4/20, adding fuel to the meme frenzy.
BlackRock’s imminent entry into the top ten ETF inflows comes as no surprise, considering the investment firm’s dominance in the industry. With over $10 trillion in assets under management, BlackRock’s holdings surpass the combined GDPs of Germany and Japan.
Nevertheless, the level of interest in BlackRock’s fund may have caught some off guard. A streak of 69 days of net inflows is quite impressive. To put it into perspective, only ten other ETFs have achieved a longer streak, with the current record held by JPMorgan Equity Premium Income ETF (JEPI) at 160 days. JEPI was launched in May 2020, during the height of the COVID-19 pandemic when investors sought stability.
If IBIT continues to attract net inflows today, it will join the U.S. Global Jets ETF (JETS) in tenth place with 70 consecutive days of inflows. JETS invests in passenger airlines, airports, airplane manufacturers, and related assets. If IBIT maintains its streak throughout the week, it will climb to the eighth position by Friday.
BlackRock’s extensive network in the financial industry continues to attract major players to its BTC ecosystem. Last week, it added some of Wall Street’s largest banks, including Citigroup, Goldman Sachs, UBS, and Citadel Securities, as authorized participants. They joined JPMorgan, America’s largest bank, and trading firm Jane Street in BlackRock’s ecosystem.
Meanwhile, Bitcoin was trading at $66,289 at press time and managed to defy the “sell the news” phenomenon that many had expected after its halving. It gained 1.97% in the past day.
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