Mon, April 08, 2024 at 19:56

• 

  Kang-hoon

  • Hello Annie.

  • Today, I'd like to talk about BlackRock's spot Bitcoin ETF, IBIT.

  • It's making quite a splash in the ETF market.

  • 
• Annie

  • Oh, really?😊 How so?

  
• 

  Kang-hoon

  • Well, it's nearing $20 billion in assets and is currently in the top 3% among all ETFs.

  • This puts it above some of the longest-standing ETFs in the market.

• Annie

  • Wow!

  • That's impressive.👏 So, it's doing better than some of the older ETFs?

  
• ADward

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• 

  Kang-hoon

  • Exactly.

  • It has surpassed ETFs like iShares MSCI Emerging Markets ETF (EEM), the VanEck Semiconductor ETF (SMH), the iShares MSCI Japan ETF (EWJ), and the iShares TIPS Bond ETF (TIP).

• Annie

  • That's quite a feat!😮 And what about its inflows?

  
• 

  Kang-hoon

  • It has recorded 59 days of inflows, a streak that puts it among the top 20 ETFs.

  • This is quite remarkable considering that it was only approved by the US Securities and Exchange Commission (SEC) in January this year.

• Annie

  • Wow, that's fast!😲 And how is this affecting Bitcoin's price?

  
• 

  Kang-hoon

  • The ongoing pace for spot Bitcoin ETFs has helped push Bitcoin price higher.

  • On Monday, BTC rose to above $72,600.

  • 

  • Although it's trading around $71,900 at the moment, bullish sentiment could see the benchmark crypto hit a new all-time high.

• Annie

  • That's amazing!🚀 So, is this good news or bad news?

  
• 

  Kang-hoon

  • In my view, this is certainly good news.

  • The success of BlackRock's IBIT not only signifies the growing acceptance of Bitcoin but also its potential as an investment vehicle.

  • This could attract more investors to the crypto market, further driving up the price of Bitcoin.

  • Upon comprehensive consideration, this news is perceived as a 😍Bullish.