- BlackRock has appointed Lindsey Haswell, Moonpay’s CLO to its board.
- Haswell will replace Kimun Lee after the latter steps down in November this year.
- Haswell’s appointment comes amid slowing inflows for IBIT.
BlackRock, a spot Bitcoin ETF market top contender, has appointed Lindsey Haswell, Moonpay’s Chief Legal Officer (CLO), to its board. According to the announcement, Haswell will replace current board member Kimun Lee after the latter steps down in November 2024.
Haswell held a similar role at Blockchain.com when she served as a board member of the establishment. She was also a founding member of the Core Blockchain, a famous open-source network. Hence, BlackRock anticipates she would bring her expertise to support IBIT’s growth.
Meanwhile, experts think Haswell’s appointment to the BlackRock board is timely, considering the firm’s current development stage. BlackRock’s IBIT is currently the second-largest spot Bitcoin ETF by assets under management (AUM). However, the product has slowed after a 71-day streak of steady inflows. Available data shows IBIT recorded zero inflows in the past three days.
It is essential to note that the recent development has not impacted IBIT’s stability. The leading ETF maintained a robust presence in the market, with inflows totaling $57.6 million as of the time of writing. Despite recording zero inflows, IBIT did not experience any outflows during this period, a development that has raised some outflows in the crypto sector.
Raja Soni, a finance analyst on X, voiced his concerns about IBIT’s transparency in reporting its figures. In a recent post, the analyst questioned the possibility of IBIT not selling their holdings when their clients sell. Hence, the chance of recording zero inflows and outflows for three consecutive days.In a separate post, Bloomberg’s ETF analyst, James Seyffart, reassured users about the recent trend, noting that it aligns with the broader ETF market behavior. According to Seyffart, minor mismatches would see the market makers handle the trading of shares just like they would for stocks. He explained that significant discrepancies must occur to prompt market makers to engage in the creation or redemption of ETF shares.
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