BlackRock Bitcoin Fund Sees Record Inflows on Single Day, 'Trump Trade' Sparks Market Interest?On Wednesday, BlackRock's iSharesBitcoinTrust exchange-traded fund (ETF) saw a record high net cash inflow, with approximately $872 million pouring in. This staggering figure places the fund, which was established only nine months ago, among the top ETFs globally in terms of subscription volume for 2024
BlackRock Bitcoin Fund Sees Record Inflows on Single Day, 'Trump Trade' Sparks Market Interest?
On Wednesday, BlackRock's iSharesBitcoinTrust exchange-traded fund (ETF) saw a record high net cash inflow, with approximately $872 million pouring in. This staggering figure places the fund, which was established only nine months ago, among the top ETFs globally in terms of subscription volume for 2024.
The iSharesBitcoinTrust, with a total asset flow of $31 billion, is considered the world's largest Bitcoin fund. This surge in inflows is believed to be linked to the upcoming US election. Market analysts suggest that investors may be opting for Bitcoin investments in anticipation of a "Trump trade."
The "Trump trade" refers to market expectations of a victory by President Trump, a scenario typically associated with rising stock markets and risk assets. Bitcoin, being a safe-haven asset, is also viewed as a potential beneficiary of a Trump win by investors.
Since October, Bitcoin prices have surged by 13%, nearing their all-time high. Currently, Bitcoin trades around $72,307, just a step away from the record high of $73,798 reached in March.
Theres definitely a lot of demand for these ETFs," stated ETF analyst James Seyffart. He believes investors are likely reacting to the current Bitcoin momentum and the possibility of a Trump victory.
Despite this strong influx, Bitcoin prices experienced a slight dip of around 0.7% in the late hours of Wednesday, yet remained at elevated levels. A similar minor decline was observed in most other digital assets.
The general consensus is that the outcome of this election will have a significant impact on future economic policies and financial markets. Investors are closely monitoring the election results, attempting to gauge the future market trajectory based on the results.
It's worth noting that the massive influx of funds into BlackRock's Bitcoin fund reflects the escalating fervor surrounding digital asset investment. As institutional investors increasingly show interest in Bitcoin, its future price trajectory remains a subject of keen observation.
Disclaimer: The content of this article is sourced from the internet. The copyright of the text, images, and other materials belongs to the original author. The platform reprints the materials for the purpose of conveying more information. The content of the article is for reference and learning only, and should not be used for commercial purposes. If it infringes on your legitimate rights and interests, please contact us promptly and we will handle it as soon as possible! We respect copyright and are committed to protecting it. Thank you for sharing.(Email:[email protected])
