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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