The asset manager, whose ETF started the year on shaky ground with an outflow of $332.6 million on Jan. 2, quickly recovered with three consecutive days of inflows. However, BlackRock has been lacking in consistency and volume so far this month.
The renewed attention in BlackRock Bitcoin ETF might indicate a rekindling of interest by institutional players. Analysts believe these players might have decided to increase their position ahead of the new administration in the U.S.
Notably, a new administration will be inaugurated on Monday, Jan. 20, and many crypto stakeholders anticipate a favorable shift in regulations. Prices could soar significantly if the new president signs an executive order that favors crypto, as many speculate.
Ark had $155.4 million in inflows to complement BlackRock’s inflow. Others with inflows were Fidelity Investment’s FBTC, Bitwise’s BITB and VanEck’s HODL, with $4.4 million, $2.7 million and $5.7 million respectively.
All other asset managers recorded zero inflows except Grayscale’s GBTC. A day after registering inflows, GBTC suffered an outflow of $70 million.
This left the Bitcoin ETF market with a cumulative inflow of $626.1 million. The ETF market has now registered two consecutive inflows overall, and if momentum holds, it could close the week on a high to mark another three straight days of inflows.
This article was originally published on U.Today
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