BlackRock’s spot Bitcoin ETF (IBIT) surpassed $1 billion in inflows in the first two hours of trading today. This comes despite record outflows earlier in the month, displaying the product’s dramatic recovery.

Bitcoin ETFs are still significantly ahead of Ethereum-based products, and analysts believe that they will continue dominating even if the SEC approves more altcoin ETFs.

BlackRock’s IBIT Rebounds in Force

IBIT, BlackRock’s Bitcoin ETF, has been performing exceptionally well over the last six months. Despite momentarily seeing record outflows earlier this January, it’s now on route to a strong recovery.

According to Coinglass data, the ETF saw over $1 billion in trading volume during today’s first two hours of trading.

As the above data shows, this rally isn’t isolated to BlackRock or IBIT. Instead, all the Bitcoin ETFs are performing well, likely because BTC has found a strong support level at $105,000.

There were several pro-crypto regulatory developments in the US yesterday. Most notably, the SEC overturned the controversial SAB 121 bulletin, which means banks can now custody Bitcoin without any hurdles. This positive move likely influenced retail investors to crowd the ETF market today.

Also, BlackRock CEO Larry Fink believes institutional adoption will push its value as high as $700,000. ETF analyst Eric Balchunas Go to Source to See Full Article
Author: Landon Manning