BlackRock's Bitcoin ETF, IBIT, has secured its position in the top 10 ETFs of all time by maintaining a consistent streak of daily investment inflows.
Impressive 70 Days of Inflows
As of Tuesday, April 23, IBIT has experienced 70 consecutive days of inflows, indicating a continuous increase in its total holdings of spot Bitcoin. Notably, the fund has not seen a single day of outflows resulting in a decline in its holdings.
Success Amid US Spot Bitcoin ETF Approvals
This milestone follows a series of approvals for US Spot Bitcoin ETFs earlier this year, which have been remarkably successful. The cumulative volume of US Bitcoin ETFs has surpassed $200 billion since their launch, showcasing the significant demand for Bitcoin among investors.
BlackRock's Evolution in Bitcoin
BlackRock's CEO, Larry Fink, has recently shifted his stance on Bitcoin. The company currently holds more than 270,000 bitcoins valued at over $18 billion, solidifying its position as a key player in Bitcoin ETFs. This change in perspective from one of the world's largest asset managers reflects the increasing mainstream acceptance of Bitcoin as a legitimate investment asset.
Consistent Demand and Recognition
Eric Balchunas, a senior ETF analyst at Bloomberg, highlighted IBIT's inflow streak, emphasizing its consistent performance. This achievement underscores the continuous demand for IBIT and its ability to attract a steady flow of investments.
Global Signal of Bitcoin's Importance
The success of IBIT and other US Spot Bitcoin ETFs sends a positive signal to traditional investors and other countries, showcasing the strong demand for Bitcoin investment products. The involvement of major institutional players like BlackRock indicates that Bitcoin is becoming increasingly integral in the global financial landscape.
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The History of Gold as an Asset
From the beginning of history, gold was a popular currency. It was universally accepted and loved for its beauty, durability, purity and divisibility. Due to its value, it was also internationally traded. There was no international standard for measuring gold at that time, so different weights and measures were used around the world. For example, one pound sterling in England equals 24 carats; one livre tournois equals 25 carats; one mark equals 28 carats; and so on.
The United States began issuing American coin made up 90% copper, 10% zinc and 0.942 fine-gold in the 1860s. This caused a drop in foreign currency demand which resulted in an increase of their prices. The United States began minting large quantities gold coins at this time, which led to a drop in the price. The U.S. government was unable to pay its debts due to too much money being in circulation. They decided to return some of the gold they had left to Europe.
Because most European countries did not trust the U.S. dollar, they started accepting gold as payment. However, many European nations stopped using gold to pay after World War I and started using paper currency instead. The price of gold rose significantly over the years. Even though the price of gold fluctuates, it remains one the best investments you can make.
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By: Vivek Sen
Title: Blackrock Bitcoin ETF Ranks Top 10 in Longest Inflows
Sourced From: bitcoinmagazine.com/business/blackrock-bitcoin-etf-enters-top-10-for-longest-inflows
Published Date: Tue, 23 Apr 2024 12:48:10 GMT
