TechFlow news, July 24 — According to Cointelegraph, BlackRock's Bitcoin ETF IBIT has attracted more inflows than the combined stock inflows of the "Magnificent Seven" U.S. tech stocks (Microsoft, Apple, Tesla, Amazon, Meta, Alphabet, and Nvidia). To date, IBIT has accumulated nearly $19 billion worth of Bitcoin.
Jeroen Blockland, founder of Blockland Smart Asset Fund, said this puzzling level of capital inflow exceeds not only the 2024 inflows into the "Magnificent Seven" stocks but also those into Invesco's Nasdaq-100 ETF and the current artificial intelligence boom. In terms of capital inflows, Bitcoin has become the second-largest asset class globally this year. This is remarkable given that Bitcoin's market size is 90 times smaller than that of equities.
