BlackRock’s Bitcoin ETF Attracts $1B Inflows, Highlighting Institutional Momentum

BlackRock’s iShares Bitcoin Trust ETF (IBIT) recorded a massive inflow of $971 million in a single day, marking its second-largest inflow since its inception in January 2024. This surge in capital has helped counteract significant outflows seen in other Bitcoin ETF products such as the Fidelity Wise Origin Bitcoin Fund and the Grayscale Bitcoin Trust ETF, which reported $87 million and $43 million in outflows, respectively. Total ETF inflows on Monday reached $591 million. In parallel, market sentiment was further bolstered by remarks from Anthony Scaramucci, founder of SkyBridge Capital, who emphasized that Bitcoin is increasingly perceived as a hedge amid waning confidence in the U.S. dollar. While Bitcoin (BTC) took the primary focus with its robust institutional backing, other major cryptocurrencies like Ethereum (ETH) and Dogecoin (DOGE) were also mentioned, though with differing market implications. Ethereum’s outlook appears less bullish with its anticipated lack of a short-term bull run, and Dogecoin’s trajectory, aiming for a target of $0.20, is approached with caution. Overall, the news points to strong institutional interest in Bitcoin and underscores the shifting dynamics within the ETF landscape.