BlackRock’s iShares Bitcoin Trust (IBIT) has quickly established itself as a leader in the cryptocurrency investment world, outperforming its competitors by a significant margin.
Since its launch in January, IBIT has achieved a record that no other issuer can match, positioning itself as the top-performing spot Bitcoin ETF of 2024.Nate Geraci, the president of ETFStore, recently highlighted IBIT’s remarkable success on social media platform X.
He pointed out that the ETF has seen an impressive $20.5 billion in inflows over the past seven months, and has only recorded one day of outflows. Geraci, with a touch of irony, described IBIT as the “top launch of 2024” and quipped, “This is exactly what ‘no demand’ looks like.”
Bitcoin IBIT Stays Stable
The cryptocurrency market experienced a significant downturn on the first day of August, leading to what has been dubbed “red Monday.” The global market crash caused widespread panic, with many investors rushing to sell their holdings. U.S. spot Bitcoin ETFs collectively recorded an outflow of $168 million on that day, reflecting the market’s volatility.
Interestingly, BlackRock’s IBIT remained unaffected by the sell-off. Despite the turmoil, IBIT saw neither inflows nor outflows, a testament to its stability and the confidence of its investors. In stark contrast, Grayscale’s GBTC, one of the oldest players in the market, accounted for one-third of the group’s outflows on the same day.
Bloomberg’s senior ETF analyst, Eric Balchunas, had predicted that the market could see further outflows, potentially reaching billions or about 5% of the total assets. While the market did enter a recovery phase with some outflows, IBIT continued to stand strong.
As of mid-August, reports indicate that IBIT has secured nearly $20 billion in inflows this year, solidifying its position as the top Bitcoin ETF. Other notable ETFs launched in 2024 include Fidelity’s FBTC, Ark Invest’s ARKB, and Bitwise’s BITB, but none have managed to outshine BlackRock’s IBIT. Grayscale’s GBTC, once a market leader, has struggled to keep pace, likely due to its high management fees.
