BlackRock’s iShares Bitcoin Trust ETF (IBIT) opened this week on Monday with a net cash inflow as Bitcoin ($BTC) price rebounded above $71,000 on Tuesday, March 10.
The IBIT, which has more than $53.2 billion in net assets under management (AUM), recorded a net cash inflow of about $109.31 million on Monday. As such, the IBIT has now reached a cumulative net inflow of over $62.58 billion at press time.
The renewed demand for $BTC by BlackRock, which has more than $11 trillion in AUM, helped the flagship coin rally 3.61% in the last 24 hours to trade about $71,410 at the time of this publication.
BlackRock dominates spot Bitcoin net inflows
BlackRock’s IBIT heavily dominated the net cash inflows of spot $BTC Exchange-Traded Funds (ETFs) on Monday, based on data from SoSoValue. The net cash inflow to the U.S. spot $BTC ETFs was about $167.03 million, whereby Fidelity’s FBTC posted around $60.09 million on Monday.
As such, the total net assets of the U.S. spot $BTC ETFs surged to $88.34 billion.