Top asset management firm BlackRock has recorded a relatively massive inflow into its spot Bitcoin ETF product as BTC price slows
The BlackRock spot Bitcoin ETF, the iShares Bitcoin Trust (IBIT), registered an astonishing market performance on September 30. This performance is coming at a time when the price of Bitcoin entered a reversal trend. At the time of writing, Bitcoin was changing hands for $61,918.92, down 2.28% in 24 hours.
BlackRock’s Streak of Inflows Bolsters ETF Market
Available data from Farside Investors sighted by BGECrypto shows that IBIT blazed the net inflow trail with $72.2 million. Surprisingly, only Fidelity (FBTC) recorded an inflow of $8.3 million among the asset managers besides BlackRock.
Bitwise (BITB) and Ark (ARKB) recorded outflows of $9.7 million and $8.5 million, respectively, while the others had zero flows. However, BlackRock’s performance was adequate to help the ETF market sustain an eight-day streak of positive flows. The market had a net inflow of $61.3 million at the close of trading.
BlackRock has maintained a double-digit inflow after its four days of consecutive zero flows, which ended on September 20. Aside from September 23, when it recorded an $11.5 million inflow, every other inflow for IBIT had stayed above $90 million except on the last day of September, when it dropped to $72.2 million.
The asset manager has also been active behind the scenes, negotiating concessions from regulatory authorities. In a significant development, the U.S. Securities and Exchange Commission (SEC) approved trading Options for the BlackRock spot Bitcoin ETF product. Experts consider this a notable move, given the risk associated with Options.
Speculation Around BlackRock XRP ETF
Meanwhile, it is rumored that BlackRock will have its eyes set on launching an XRP spot ETF. However, it remains a speculation that no one from BlackRock has confirmed. Brad Garlinghouse, CEO of Ripple Labs, did not confirm the rumors during an interview.
Garlinghouse, however, stated that if a heavyweight asset manager like BlackRock should engage XRP, it would do a lot to boost its adoption in the financial space. In the interim, Grayscale has launched an XRP Trust, a development seen by market watchers as significant.
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