BlackRock’s iShares Bitcoin Trust (IBIT) emerged as a bright spot in an otherwise challenging period for US Bitcoin exchange-traded funds (ETFs), which saw their third consecutive day of net outflows on Jan. 13.
Farside data shows that the Bitcoin ETF has a net outflow totaling $284.1 Million. BlackRock’s IBIT stood out with a $29.5 million inflow, contrasting sharply with significant outflows from other ETFs.
On the other hand, Fidelity’s Bitcoin ETF (FBTC) led the losses with $113.6 million in outflows, while ARK’s Bitcoin ETF (ARKB) followed with $92.4 million. Grayscale’s GBTC saw outflows of $89 million, while $18.6 million exited Bitwise’s BITB. No other Bitcoin ETFs saw any trading activity.
In the last three days of trading, the cumulative outflows in the entire sector have exceeded $1 billion. This could indicate changes in institutional investing strategies, or changing market sentiments towards Bitcoin.
Notably, BTC’s price had declined to a two-month low of under $89,400 before recovering to $96,828 as of press time, according to CryptoSlate’s data.
IBIT now available in Canada
BlackRock expands its Bitcoin ETF reach by launching iShares Bitcoin ETFs (IBITs) in Canada. This development follows the fund’s notable success in the United States.
The Canadian launch includes two ETFs, according to a statement in the press. Cboe Canada lists the US dollar version as IBIT.U., while one trades on Cboe Canada under IBIT. These ETFs give investors access to Bitcoin through tracking its performance, before any fund expenses are deducted.
The iShares Bitcoin ETF invests primarily in US-traded IBIT which is a long-term asset that holds Bitcoin. The structure allows for investors to gain access to Bitcoin via traditional brokerage accounts, without having any issues with custody.
Helen Hayes, who leads iShares Canada, highlighted that the Canadian expansion reflects BlackRock’s commitment to making investments more accessible. She noted this launch offers Canadian investors a convenient, cost-efficient method to acquire Bitcoin exposure.
BlackRock’s decision to expand IBIT follows its exceptional performance in the US, where it achieved a top 1% ranking among ETFs by assets. IBIT’s launch in 2010 was one of the biggest ETF launches ever.
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