Spot Bitcoin ETFs Attract $774 Million in Daily Inflows Amid $98,000 Surge
Bitcoin [NC] has reached $98,000 for the first time, leading to significant activity in Bitcoin spot exchange-traded funds (ETFs), which saw $774 million in daily net inflows during this rally.
The rise to $98,000 has attracted institutional investors who favor spot ETFs as a regulated entry point into the crypto market. Data from SoSoValue indicates that BlackRock‘s iShares Bitcoin Trust (IBIT) was responsible for a substantial portion of the $774 million inflow on Wednesday.
BlackRock Leads the ETF Inflows
BlackRock's iShares Bitcoin Trust (IBIT) led with over $626 million in inflows in one day, solidifying its status as the top-performing Bitcoin ETF. With assets under management exceeding $25 billion, IBIT is a key investment for institutions seeking Bitcoin exposure.
CEO Larry Fink described Bitcoin as an "independent asset class," highlighting its potential in BlackRock’s strategy. The firm acquired over $680 million in Bitcoin within two days.
Fidelity’s FBTC ETF also gained from the surge, attracting $133.94 million in inflows. Ark Invest’s ARK 21Shares ETF (ARKB) and Bitwise’s Bitcoin ETF (BITB) received $3.77 million and $9.25 million respectively, indicating wider market involvement.
Institutional Adoption Accelerates
Institutional interest in Bitcoin is rising, as shown by the significant inflows into spot Bitcoin ETFs. These products offer a regulated and secure way for institutions to engage with the crypto market.
This trend corresponds with Bitcoin's growth trajectory, with some analysts predicting it could contribute to a $30 trillion market soon.
Many experts expect Bitcoin may reach $100,000 by year-end. Crypto.com CEO Kris Marszalek has promised to award one BTC to a follower if this occurs.
Trader Peter Brandt forecasts Bitcoin could peak at $150,000 by August next year, stating Bitcoin is currently in a critical bull market phase. His analysis reflects growing institutional confidence in Bitcoin as a valuable asset.
Similarly, Standard Chartered has revised its Bitcoin forecast to suggest it might hit $150,000 by year-end, up from an earlier prediction of $120,000, indicating increasing market momentum.