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Spot Bitcoin ETFs have continued to drive major inflows. They crossed over $2.8 billion in just the last eight trading sessions. Moreover, Gold ETFs are also attracting institutional capital as the gold price surges 12% over the past month.
This shows that both the yellow metal and digital gold (Bitcoin) are on investors’ radar. BlackRock’s iShares Bitcoin Trust (IBIT) is the leading contributor to most of the ETF inflows.
Gold and Bitcoin ETFs See Record $7B Weekly Inflows
Eric Balchunas reported that Gold and Bitcoin ETFs attracted a combined $7 billion in inflows over the past week.
He is the senior ETF strategist at Bloomberg. According to Balchunas, this represents a record for five days. Investor interest in the debasement trade takes the spotlight from artificial intelligence.
Gold ETF GLD and BlackRock’s Bitcoin ETF IBIT were among the top-performing funds. Both ranked in the top 10 for weekly inflows, as shown above. Balchunas also noted that IBIT’s year-to-date flows have now turned positive. This shows a major recovery after the May outflows.
As per data from Farside Investors, U.S. spot Bitcoin ETFs recorded $232.12 million in net inflows on August 26. BlackRock’s IBIT with $200.76 million led this. BlackRock’s IBIT added 2,559 BTC worth $200.76 million, with trading volume reaching $1.9 billion.
Fidelity’s FBTC recorded $25.59 million in inflows. Bitwise’s BITB at $5.96 million and Morgan Stanley’s MSBT at $3.37 million followed it.
Grayscale’s GBTC recorded $50.39 million in outflows. On the other hand, its Bitcoin Mini ETF attracted $46.83 million. The remaining ETFs recorded no net flows.
BlackRock Lowers Bitcoin ETF Conversion Threshold to $1M
Wall Street is making it easier for large Bitcoin holders to convert their BTC into ETF shares. Top firms like BlackRock are expanding access to a service once largely reserved for wealthy investors.
BlackRock has reduced the minimum Bitcoin required to convert BTC into shares of its spot Bitcoin ETF, IBIT, from $25 million to $1 million. This makes it easy for large holders to shift from self-custody to regulated investment products amid growing crypto security concerns. Bloomberg reported this.
BlackRock has processed approximately $5 billion in tax-deferred Bitcoin-to-ETF conversions so far. The firm expects this activity to grow as access expands.
Robbie Mitchnick said events such as kidnappings and custody failures could encourage investors to move their Bitcoin holdings into ETFs. He is BlackRock’s head of digital assets.
“It’s going to keep growing because we keep expanding access. People see things happen in the outside world that motivate them to make this switch for all or some of their holdings,” added Mitchnick.
Where’s BTC Price Heading Next?
Popular crypto analyst Michael van de Poppe said Bitcoin’s broader market structure remains intact despite the ongoing correction. He identified $76,400-$77,100 as potential support levels for Bitcoin. A break below this range could trigger a deeper correction, according to the analyst.
However, Van de Poppe expects Bitcoin to continue building a broader trading range. He believes this consolidation could create room for altcoins to begin another upward move.
