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- On Friday, the BlackRock Bitcoin spot ETF (IBIT) hit 69 days of continuous inflows, coinciding with the infamous ‘4/20,’ and there was no shortage of memes on the two.
- If it records inflows today, IBIT will burst into the top ten ETFs for the longest inflow streak at 70 days, with the record held by JPMorgan Equity Premium Income ETF (JEPI) at 160 days.
The crypto industry had to wait over a decade to land its first spot ETF, and since their debut, these ETFs haven’t disappointed, as Crypto News Flash reported. BlackRock continues to set the pace, and on Friday, it recorded 69 days of continuous inflows, and it only needs one more day to head into the top ten longest streaks in history.
BlackRock’s Bitcoin spot ETF, known as IBIT, had brought in $15.42 billion by Friday, according to data from Farside, a London-based investment firm. On Friday, it brought in $29.3 million, the second-highest in the sector after Fidelity, which added $54.8 million. Fidelity’s FB TC now holds $8.14 billion.
Ark’s ETF added $12.5 million, the third-highest in the sector, for a total of $2.27 billion. However, Grayscale continued to bleed, losing $45.8 million for the day and $16.73 billion overall. VanEck’s Bitcoin Trust ETF was the only other to record net outflows totalling $1.8 million.
For BlackRock, Friday was day 69 of inflows, and the crypto faithful were quick to spot it and make endless memes on social media. The record came one day before April 20, renowned globally as 4/20, further feeding the meme frenzy.
Waking up on 4/20 to see $IBIT took in cash for the 69th straight day, which was also the halving. It’s a little too perfect https://t.co/7Z8W3t9L7h
— Eric Balchunas (@EricBalchunas) April 20, 2024
BlackRock to Burst Into Top 10 ETF Inflows
BlackRock’s dominance is no surprise. The investment firm holds over $10 trillion in assets under management, more than the combined GDPs of Germany and Japan.
However, the level of interest in BlackRock’s fund may have caught many by surprise. 69 days of net inflows is quite a streak. For context, as Bloomberg’s Eric Balchunas shared today, only ten other ETFs have had a longer streak.
The record is held by the JPMorgan Equity Premium Income ETF (JEPI), which saw 160 days of inflows after its launch. JEPI launched in May 2020, at the height of the COVID era, when investors were clinging to any stable financial products.
If IBIT records net inflows today, it will join the U.S. Global Jets ETF (JETS) in tenth place with 70 days. JETS invests in passenger airlines, airports, aeroplane makers and related assets. If it continues its streak throughout the week, it will rank eighth by Friday.
$IBIT inflow streak currently at 69 DAYS. one more day and it moves into Top 10 and ties $JETS (a streak I was equally as fascinated by) altho streak ending today would be pretty hilarious, show financial gods have sense of humor via @thetrinianalyst pic.twitter.com/niDzfaKqgp
— Eric Balchunas (@EricBalchunas) April 22, 2024
BlackRock’s wide network in the financial industry continues to attract some of the largest players to its BTC ecosystem. Last week, it added some of the largest banks on Wall Street as authorized participants, including Citigroup, Goldman Sachs, UBS and Citadel Securities. They joined America’s largest bank, JPMorgan, and trading firm, Jane Street, in the ecosystem.
Meanwhile, BTC traded at $66,289 at press time and managed to fight off the “sell the news” phenomenon that many expected would come after its halving. It gained 1.97% in the past day.
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