Factors Behind the Accelerated Growth of BlackRock's Bitcoin ETF.
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First, the opening of spot Bitcoin ETFs in the U.S. has provided a regulated and familiar means for institutional and retail investors, avoiding the risks associated with cryptocurrency custody.
Second, BlackRock's ETF benefited from a favorable macroeconomic environment - including Bitcoin hitting highs above USD 118,000 and daily inflows exceeding USD 1 billion - which has solidified its appeal.
And finally, another aspect that favored the growth of BlackRock's ETF is its reputation and compliance structure in the market.
Volume, Competition, and the Road Ahead
Bitcoin's new ATH also benefited other ETFs, which together with IBIT, were able to surpass 140 billion dollars for the first time, according to analyst Eric Balchunas.
Yesterday, July 10, IBIT attracted USD 448.5 million in a single day. Its competitors - Fidelity with USD 324.3 million and ARKB from Ark 21Shares with USD 268.7 million - collectively received hundreds of millions more.
In total, spot Bitcoin ETFs in the U.S. surpassed USD 140 billion in AUM. And, IBIT's share represents more than 50% of the total.