Originally published on: July 23, 2024
**Introduction:**
BlackRock’s iShares Bitcoin Trust ETF (IBIT) experienced a significant spike in inflows, with over $523 million entering the fund on a single day — the largest since March this year.
**Record Inflows for BlackRock’s IBIT:**
On July 22, IBIT received 7,759 Bitcoins, valued at $64,830.04 each, totaling over $523 million. This surge brought the total assets under management for IBIT to 333,000 BTC, equivalent to approximately $22 billion at current market prices.
**Notable Inflow Trends:**
This recent influx marks the seventh-largest inflow day in US dollars for IBIT. The fund witnessed its largest single-day inflow on March 18, adding $849 million worth of BTC, while the second-largest inflow occurred on March 5, with $788 million, as reported by FarSide Investors data.
**Spot Ether ETFs Approval:**
In parallel news, a variety of spot Ether ETFs were greenlit for trading in the United States on the same day as the notable inflows to BlackRock’s fund. Industry experts anticipate these ETFs to capture between 10% to 20% of the flows seen by Bitcoin ETFs since their launch in January.
**Market Expert Predictions:**
Analysts remain optimistic about the short to mid-term outlook for Bitcoin. Speculation surrounding potential positive catalysts, such as US President Joe Biden’s withdrawal from the presidential race and the increased likelihood of a Donald Trump election victory, fuel positive sentiment in the market.
**Opinions from Market Leaders:**
Markus Thielens, founder of 10x Research, suggests a significant announcement by Donald Trump at the upcoming Bitcoin 2024 conference could trigger a substantial upward movement in Bitcoin prices. Bryan Courchesne, the founder of DAIM, shares similar views, hinting at a potential strategic reserve asset status for Bitcoin.
**Conclusion:**
As the investment landscape continues to evolve, the market dynamics around Bitcoin and Ether investments demonstrate growing interest and potential for substantial growth in the coming months.
**Related:** Crypto Market Shifts Highlight Divergent Perspectives Among Political Parties Ahead of the Elections
