CryptoBitcoinBlackRock’s Bitcoin ETF Surpasses Major Tech Stocks in Inflows

BlackRock’s Bitcoin ETF Surpasses Major Tech Stocks in Inflows

In a notable shift in investment trends, inflows into BlackRock’s iShares Bitcoin Trust ETF have eclipsed those into the so-called “magnificent seven” stocks of 2024, which include tech giants Microsoft, Apple, Tesla, Amazon, Meta, Alphabet, and Nvidia.

Year-to-date, BlackRock’s Bitcoin ETF has attracted nearly $19 billion in Bitcoin investments, outpacing inflows into these high-profile tech stocks. This trend was brought to light by Jeroen Blokland, founder of Blockland Smart Asset Fund, in a July 23 post on X.

Blokland highlighted that these inflows surpass those of Invesco’s Nasdaq 100 ETF, which features the Magnificent 7 stocks and benefits from the Artificial Intelligence boom. Additionally, Fidelity’s spot Bitcoin ETF, ranking 11th, has garnered $10 billion in inflows.

These substantial investments make Bitcoin the world’s second-largest asset class by inflows this year, despite its market size being 90 times smaller than that of equities. This surge reflects a growing investor appetite for Bitcoin as a major financial asset.

U.S. Bitcoin ETFs now collectively hold over $61 billion in on-chain assets, representing more than 4.6% of the total Bitcoin supply. Recent developments include U.S. spot Bitcoin ETFs seeing net inflows exceeding $1 billion last week, driven by the launch of the first spot Ethereum ETFs in the U.S. Bitcoin is currently trading around $66,000, though it has experienced a 2% decline over the past 24 hours due to the return of BTC from the failed Mt Gox exchange to creditors.

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Andrew
Andrew
Self-taught investor with over 5 years of financial trading experience Author of numerous articles for hedge funds with over $5 billion in cumulative AUM and Worked with several global financial institutions. After finding success using his financial acumen to build an investment portfolio, Andrew began writing and editing articles about the cryptocurrency space for sites such as chaincryptocoins.com, ensuring readers were kept up to date on hot topics such as Bitcoin and The latest news on digital currencies and Ethereum.

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