BlackRock Dominates Bitcoin ETF Market with Record $290 Million Inflow

BlackRock's spot Bitcoin exchange-traded fund (ETF) is fast building serious momentum after registering 95% of the total inflow into United States spot Bitcoin ETFs on Tuesday. The total inflow across these ETFs collectively reached beyond $300 million, a big booster for the market.

Data from analytics firm Farside Investors showed that BlackRock's iShares Bitcoin Trust (IBIT) had drawn in a huge inflow of $290 million of late, on May 21. In total, the data continued to suggest that the combined net inflow for the eleven ETF issuers was $305.7 million. This has, however, been a reverse of zero or very minimal inflows over the last six weeks.

Source: Farisde Investors

BlackRock ETF Inflows Hit New High The current inflow into the BlackRock ETF matches the highest ever since April 5 and is larger than the cumulative inflow for the last 21 trading sessions. As such, spot Bitcoin ETFs have so far seen more than $1 billion in inflows over the last four trading sessions of the volatile Bitcoin rally.

And, based on the latest daily numbers, BlackRock's IBIT has recorded a total of $16 billion in inflows since its launch. However, the official site of the product shows that it has $19 billion assets under management (AUM). Thus, BlackRock's IBIT comes quite near industry leader Grayscale, whose GBTC spot ETF has $20 billion in AUM per its official numbers.

On the other hand, Grayscale's GBTC saw no inflow on May 21, making it five straight days without the same. For the last five days, the fund has seen inflows of $72.5 billion, a reversal from a four-month trend of consistent outflow.

VanEck ETFs Post Over $25M Inflows According to the sources, the sensational inflow figure on Tuesday wasn't that smooth, delivering a dose of outflows too. $5.9 million flowed out of VanEck Bitcoin Trust ETF (HODL) and the Bitwise Bitcoin ETF (BITB) was at $4.2 million.

Fidelity Wise Origin Bitcoin Fund (FBTC) posted a trifling inflow worth $25.8 million, while the other funds remained unchanged with no significant news reported. The hype around the ETFs began to turn after the recent price action observed in Bitcoin from the digital asset's side, which recorded a 12% surge this week.

The asset had hit a six-week high of $71,600 on May 21, only to shed this level amidst early trading on May 22 and was now standing at $69,444. According to reports, the Bitcoin price has recently hit all-time highs against local fiat in many Asian and South American countries.

Earlier, the head of research 10x Research company released a new analyst note in which they are assessing that a breakout above $67,500 may take to fresh all-time highs. At the moment, the primary cryptocurrency sits at approximately $69,000, just $3,000 away from a new all-time high in the U.S. dollar price.

In addition to 10x Research, there were a few other analysts who have unleashed the bulls in Bitcoin after it has spent weeks consolidating. Significantly, one of the largest proprietary trading firms, QCP Capital, has released a note in which they are greatly bullish around Bitcoin price trajectory and, therefore, the potential revisit of $74,000 levels. The company said: "We see large buyers back again, snapping up 100-120k BTC Calls for Dec 2024, showing much confidence in the upside from here."