BlackRock’s Bitcoin ETF (IBIT) is making waves in the financial world. It’s already attracting interest from over 30 fund managers, signaling a growing appetite for digital assets among traditional institutions.
Fund Manager Ownership
Eric Balchunas, a Bloomberg ETF expert, believes this is just the beginning. He calls it the “tip of the iceberg,” suggesting even more fund managers will jump on board. The current ownership represents a small percentage of shares, but it’s a sign of cautious but persistent interest.
Fidelity’s FBTC ETF
Fidelity’s FBTC ETF is also gaining traction, with 11 investors on board. It has a similar share ownership percentage to IBIT.
ETF Flows and Market Makers
James Seyffart, an ETF expert, explains that it’s normal for ETFs to experience zero flows on some days. He also discusses the concept of creation units, which determine when shares are created or redeemed based on supply and demand.
Market makers play a crucial role in ETF flows. They facilitate trading and manage imbalances. For market makers to engage with the underlying market, there needs to be a significant mismatch in supply or demand.
Recent Inflows
On Monday, IBIT was the only ETF to see inflows, with $73.4 million on April 15th. Other ETFs reported zero flows over the past two days.
Current Bitcoin Price
As of writing, Bitcoin is trading at $61,800, down over 4% in the last 24 hours and 10% in the last seven days.
