BlackRock’s IBIT spot Bitcoin exchange-traded fund saw total inflows of $15 billion yesterday. This comes exactly three months after it began trading on January 11th.
“IBIT is up more than 50% and has raised $15 billion in new cash in three months. Both numbers are double that of any other BlackRock ETF, which holds 421 of them.” Bloomberg ETF analyst Eric Balchunas said Thursday. “It’s as hot as iron can get.”
BlackRock’s IBIT dominated U.S. spot Bitcoin ETF inflows yesterday, adding $192.1 million, dwarfing the $124.9 million outflow from Grayscale’s high-fee GBTC fund, according to CoinGlass data.
Bitwise’s BITB recorded inflows of $11.1 million on Thursday, while Valkyrie’s BRRR and Fidelity’s FBTC saw inflows of $8.4 million and $4.6 million, respectively.
The remaining funds had no inflows yesterday, with daily net inflows of $91.3 million. The total net flow of spot Bitcoin ETFs currently stands at $12.9 billion. However, as Bitcoin approaches its all-time high of $73,836, overall flows in spot Bitcoin ETFs have slowed since peaking at $1.05 billion in daily net inflows on March 12, according to The Block’s data dashboard. .
BlackRock’s spot Bitcoin ETF inflow milestone comes as new advertising for the product continues as the battle for attention heats up. “iShares is going all-in on Bitcoin ETF advertising. “If you just scroll down to the Bloomberg home page, there are seven banner ads.” said Nate Geraci, ETF Store President. “Remember. We’ve only been here three months. (The) marketing war is still just beginning.”
Meanwhile, spot Bitcoin ETF trading volume remained steady at $2.5 billion on Thursday, again led by IBIT, which generated $1.1 billion in transactions. However, daily trading volume has declined since hitting a record $9.9 billion on March 5 as Bitcoin broke the previous cycle high of about $69,000 for the first time.
Given the fluctuations in Bitcoin price, BlackRock’s Spot Bitcoin ETF already reached $15 billion in assets under management on March 12 and is currently approaching $20 billion in AUM.
BlackRock’s IBIT enters the top 100 ETFs and reaches $20 billion in AUM
On the Bitcoin side, BlackRock’s IBIT fund now manages more than 266,000. BTC
-5.14%
(According to recent data, the asset size is $18.9 billion) This disclosure excludes the amount that came in yesterday.
“The iShares Bitcoin ETF is currently in the top 100 of *all* ETFs by assets,” Geraci said. “This is one of nearly 3,500 ETFs. (It) accomplished this in three months.”
Fidelity’s FBTC has amassed over 151,000 BTC ($10.7 billion) in assets, while Ark Invest 21 Shares’ ARKB has amassed over 43,000 BTC ($3 billion) in assets, as per CoinGlass.
Excluding Grayscale’s converted GBTC fund, the nine newly created spot Bitcoin ETFs now have total assets exceeding 524,000 BTC ($37 billion).
Meanwhile, GBTC’s underlying assets have fallen 49% since spot Bitcoin ETF trading began, from around 619,000 BTC to just under 316,000 BTC ($22 billion).
GBTC Bitcoin holdings. Image: Coinglass.
According to The Block’s price page, Bitcoin is currently trading at $70,774. The largest cryptocurrency by market capitalization has remained flat over the past 24 hours, but is up 5% over the past month and is up 67% since the beginning of the year.
BTC/USD price chart. Image: Block/TradingView.
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