Inflows into BlackRock’s Bitcoin exchange-traded fund (ETF) have surpassed those into the "magnificent seven" stocks in 2024, which include tech giants Microsoft, Apple, Tesla, Amazon, Meta, Alphabet, and Nvidia.

BlackRock’s iShares Bitcoin Trust ETF has accumulated nearly $19 billion in Bitcoin year-to-date (YTD), outpacing the inflows into the highly touted "magnificent seven" stocks. This remarkable trend was highlighted by Jeroen Blokland, founder of Blockland Smart Asset Fund, in a July 23 post on X.

Blokland noted, "This is more than Invesco's Nasdaq 100 ETF, which includes the hyped Magnificent 7 stocks and the Artificial Intelligence boom. Additionally, Fidelity's spot Bitcoin ranks 11th, gathering $10 billion in inflows."

These substantial inflows make Bitcoin the world’s second-biggest asset class in terms of inflows this year, despite Bitcoin's market size being 90 times smaller than that of equities. This surge underscores the growing investor appetite for Bitcoin as a significant financial asset.

Bitcoin ETFs in the U.S. have collectively surpassed $61 billion worth of on-chain holdings, which translates to ETFs holding over 4.6% of the total Bitcoin supply. Last week alone, U.S. spot Bitcoin ETFs saw net inflows exceeding $1 billion, driven by the launch of the first spot Ethereum ETFs in the U.S. BTC is currently trading around the $66,000 level, and is down 2% for the past 24 hours, following news that BTC from failed exchange Mt Gox has been returned to creditors.