Key Notes
- Spot Bitcoin ETFs record $774 million in daily inflows amid market excitement.
- BlackRock’s IBIT leads ETF inflows, pulling $626 million in a single day.
Bitcoin [NC] has achieved a monumental milestone, hitting $98,000 for the first time in its history. The historic surge has driven unprecedented activity in Bitcoin spot exchange-traded funds (ETFs) which recorded $774 million in daily net inflows amid the rally.
Bitcoin’s meteoric rise to $98,000 has reignited market enthusiasm, drawing in institutional investors who see spot ETFs as a convenient and regulated entry point into the crypto market. According to data from market tracker SoSoValue, BlackRock‘s iShares Bitcoin Trust (IBIT) contributed a lion’s share of the $774 million daily net inflow on Wednesday.
BlackRock Leads the ETF Inflows
BlackRock’s iShares Bitcoin Trust (IBIT) dominated the inflows, attracting over $626 million in a single day, further cementing its position as the top-performing Bitcoin ETF. With its assets under management surpassing $25 billion, IBIT has become a cornerstone for institutional investors seeking exposure to Bitcoin.
The company’s CEO Larry Fink described Bitcoin as an “independent asset class”, emphasizing its potential role in BlackRock’s future strategy.
This sentiment aligns with BlackRock’s recent Bitcoin acquisitions, exceeding $680 million in just two days
Other major players also benefitted from Bitcoin’s historic surge. Fidelity’s FBTC ETF followed closely, recording $133.94 million in inflows. Meanwhile, Ark Invest’s ARK 21Shares ETF (ARKB) and Bitwise’s Bitcoin ETF (BITB) saw $3.77 million and $9.25 million respectively, highlighting broader market participation.
Institutional Adoption Accelerates
Institutional adoption of Bitcoin continues to accelerate, as evidenced by the substantial inflows into spot Bitcoin ETFs. These products have emerged as a regulated and secure gateway for institutions seeking exposure to the crypto market.
The heightened interest aligns with Bitcoin’s sustained growth trajectory, with some analysts envisioning the asset contributing to a $30 trillion market in the coming years.
Forecasts for Bitcoin’s future are increasingly optimistic. Many experts predict the cryptocurrency could reach $100,000 before the year ends. Crypto.com CEO Kris Marszalek has added excitement to this speculation, pledging to award one BTC to a follower if Bitcoin achieves this milestone.
Renowned trader Peter Brandt recently projected Bitcoin could peak at $150,000 by August next year. According to Brandt, Bitcoin is currently in a critical phase of the bull market cycle, which he measures uniquely compared to other analysts. His insights align with increasing institutional confidence in Bitcoin as a store of value and growth asset.
In a similar vein, Standard Chartered has updated its Bitcoin forecast, suggesting the asset might hit $150,000 by the end of the year. This represents an upward revision from the firm’s earlier prediction of $120,000, reflecting the growing momentum in the market.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Chimamanda is a crypto enthusiast and experienced writer focusing on the dynamic world of cryptocurrencies. She joined the industry in 2019 and has since developed an interest in the emerging economy. She combines her passion for blockchain technology with her love for travel and food, bringing a fresh and engaging perspective to her work.
