BlackRock’s iShares Bitcoin Trust (IBIT) Stands Out in Challenging ETF Market
Despite recent challenges in the US Bitcoin exchange-traded funds (ETFs) market, BlackRock’s iShares Bitcoin Trust (IBIT) has emerged as a bright spot with a $29.5 million inflow on Jan. 13.
Net Outflows Across Bitcoin ETF Market
- Total net outflow of $284.1 million recorded in the Bitcoin ETF market
- Significant outflows from Fidelity’s Bitcoin ETF (FBTC) with $113.6 million and ARK’s Bitcoin ETF (ARKB) with $92.4 million
- Grayscale’s GBTC saw outflows of $89 million, while $18.6 million exited Bitwise’s BITB
- Other Bitcoin ETFs reported no activity for the day
Cumulative Outflows and Market Trends
Over the past three trading days, cumulative outflows across the sector surpassed $1 billion, indicating potential shifts in institutional investment strategies or evolving market sentiment around Bitcoin.
Notably, BTC’s price had declined to a two-month low of under $89,400 before recovering to $96,828 as of press time.
IBIT Expands to Canadian Markets
BlackRock is extending its reach in the Bitcoin ETF space by launching its iShares Bitcoin ETF (IBIT) in Canada, following its success in the United States.
- The Canadian rollout includes two versions of the ETF: IBIT on Cboe Canada and IBIT.U in US dollars
- Investors can access Bitcoin through traditional brokerage accounts without custody or operational challenges
Helen Hayes, iShares Canada leader, highlighted that the Canadian expansion reflects BlackRock’s commitment to accessibility and provides a convenient way for Canadian investors to gain Bitcoin exposure.
IBIT has been recognized as one of the most successful ETF launches of the decade, achieving a top 1% ranking among ETFs by assets in the US market.
