As a seasoned crypto investor with years of experience navigating the volatile digital asset market, I find it intriguing to witness such shifts in the flow of funds among the heavyweights like BlackRock and Fidelity. While I must admit that I’ve seen my fair share of green and red days, it’s always fascinating to observe the ebb and flow of institutional investments into Bitcoin.
For the past few weeks, BlackRock, the globe’s biggest asset manager, had been experiencing positive inflows into its iShares Bitcoin Trust ETF. However, recently, this trend reversed, with the financial giant recording a decrease, or outflow, in its Bitcoin-related investments.
BlackRock records setback in strong run
As per the data from Farside Investors, BlackRock’s IBIT division experienced a net withdrawal of approximately $9.1 million on September 9. Among all asset managers, only Grayscale, with an outflow of $22.8 million, reported negative withdrawals that day.
As a researcher, I’ve been tracking BlackRock’s daily fund flows, and for the past twelve days, the company had managed to steer clear of outflows. However, today marks an end to that streak as we’re seeing an outflow of $9.1 million. Interestingly, this current outflow is significantly smaller than the previous negative flow by BlackRock, which was approximately $4 million more.
Although BlackRock and Grayscale experienced outflows, firms such as Franklin, Valkyrie, VanEck, WisdomTree, and Grayscale Bitcoin Mini Trust did not report any inflows. However, the favorable performance of these other asset managers resulted in a total inflow of $28.6 million collectively.
Standout among the group, Fidelity (FBTC) attracted a significant $28.6 million investment, while Bitwise (BITB) followed closely behind with an inflow of $22 million. ARK 21Shares (ARKB) and Invesco (BTCO) also saw investments amounting to $6.8 million and $3.1 million respectively.
Bitcoin’s price remains under pressure
Despite a recent decrease in funds, IBIT still stands as the top asset manager when it comes to inflows. On average, BlackRock outperforms with a substantial $126 million, compared to their nearest competitor, Fidelity, who averages just over $57 million less at $69 million.
Fidelity typically receives approximately $56.9 million in new investments each day, and it consistently ranks higher than BlackRock. The total daily inflow for other companies averages around $39.7 million, with the exception of Grayscale (GBTC), which experiences an average outflow of $120.7 million per day.
In most cases, there’s an increase in Bitcoin holdings among asset managers, but the crypto market value of Bitcoin remains below $60,000. This leading digital currency has shown signs of volatility and price swings, briefly surpassing the $60,000 resistance level for a brief period within the last month, only to plummet again.
Currently, according to CoinMarketCap data, Bitcoin is being traded at approximately $57,263.11. This price marks a 3.65% rise compared to the past 24 hours.
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2024-09-10 17:45