BlackRock Bitcoin ETF Outshines 13,227 Global Rivals With $2.2 Bln Inflow

Highlights,Investment asset management firm BlackRock has its Bitcoin ETF sidelining all of its rivals. With an inflow of $2.2 billion this past week, the ETF has successfully outranked 13,227 counterparts all over the world.,Eric Balchunas, a Senior ETF Analyst with Bloomberg, pointed out that BlackRock’s iShares Bitcoin Trust (IBIT) generated more cash than any other ETF globally. Amongst those that were relegated to the background are Vanguard S&P 500 ETF (VOO), iShares Core S&P 500 ETF (IVV) and iShares Core US Aggregate Bond ETF (AGG).,,BlackRock IBIT’s weekly flow of $2.287 billion was followed closely by Fidelity Total Bond ETF (FBND) at $2.253 billion. Considering that the Bitcoin ETF is barely nine months old, this feat is considered a major milestone for the asset manager. On Tuesday, IBIT’s trading volume hits $3.3 billion, hitting its six-month high levels. The consistent magnitude of the inflows suggest that institutional Fear of Missing Out (FOMO) has kicked in. This is understandable considering the US Presidential Election is only a few days away.,In a follow-up X post, Balchunas also acknowledged that ETFs in the United States are now within $100 billion of all-time annual flow record. Sustaining this $4b/day momentum could bring the funds up to $970 billion, which is only a stone throw to $1 trillion. At this potential level, the US Bitcoin ETFs can easily beat their old record of $910 billion.,These past few days, Bitcoin (BTC) has signaled a notable rebound, especially with its price reaching as high as $73,300 recently. On-chain charts confirmed that Bitcoin price formed a “golden cross” that hints the best is yet to come.,The Golden Cross is a bullish indicator formed when the 30-DMA crosses above the 365-DMA is a potential trend continuation. It is usually a sign that a new rally may be around the corner.,Per CoinMarketCap data, BTC price is currently trading at $69,911.07, following a 3.93% 24-hours dip. The flagship cryptocurrency is still within 5% of its last all-time-high (ATH). Should BlackRock keep at its huge Bitcoin ETF inflows, it may have an influence over the future valuation of the coin.,Precisely,  its continuous accumulation of Bitcoin for the fund, it could lead to a supply crunch which is capable of driving BTC price in the long run.,