BlackRock’s Bitcoin ETF Dominates Inflows
BlackRock’s spot Bitcoin exchange-traded fund (ETF) has garnered significant attention, comprising 95% of the total inflow into United States spot Bitcoin ETFs on Tuesday. The combined inflows for these ETFs exceeded $300 million, marking a substantial boost for the market. According to preliminary data from Farside Investors, BlackRock’s iShares Bitcoin Trust (IBIT) witnessed an impressive inflow of $290 million on May 21. This surge in funding contrasts the trend of minimal inflows seen over the past six weeks.
Market Trends and Comparisons
In the midst of a volatile Bitcoin rally, spot Bitcoin ETFs have seen inflows exceeding $1 billion in the last four trading days alone. Notably, as per the latest data, BlackRock’s IBIT has accumulated a total of $16 billion in inflows since its launch. Despite this, the official AUM figures displayed on the product website stand at $19 billion. This places BlackRock’s IBIT in close competition with industry leader Grayscale, whose GBTC spot ETF boasts $20 billion in AUM according to official records.
On the other hand, Grayscale’s GBTC saw zero inflows on May 21, extending a streak of five consecutive trading days without outflows. Over the past five days, the fund has experienced inflows of $72.5 billion, marking a turnaround from a four-month trend of consistent outflows.
However, amidst the notable inflow figures on Tuesday, some funds experienced outflows. The VanEck Bitcoin Trust ETF (HODL) saw an outflow of $5.9 million, while the Bitwise Bitcoin ETF (BITB) experienced an outflow of $4.2 million. On the other hand, the Fidelity Wise Origin Bitcoin Fund (FBTC) observed a minor inflow of $25.8 million, while the remaining ETFs reported no significant changes.
