Published
1 month ago on
May 23, 2024
On Tuesday, May 21, BlackRock‘s spot Bitcoin exchange-traded fund (ETF) dominated the market, accounting for 95% of the total inflows into United States spot Bitcoin ETFs. Together, these ETFs saw over $300 million in net inflows.
Preliminary data from Farside Investors revealed that BlackRock’s iShares Bitcoin Trust (IBIT) experienced substantial inflows of $290 million on May 21. The combined net inflow for all eleven ETF issuers was $305.7 million.
This marks the highest inflow for BlackRock’s ETF since April 5, breaking a six-week streak of negligible inflows.
The recent figure surpasses the total inflows for the previous 21 trading days combined.
In total, spot Bitcoin ETFs have attracted more than $1 billion over the last four trading days amid a volatile Bitcoin rally.
With these latest numbers, BlackRock’s fund has reached $16 billion in total inflows since its inception, according to Farside Investors.
Nonetheless, the official product website lists the assets under management (AUM) at $19 billion.
This brings BlackRock’s IBIT close to the industry leader, Grayscale, which reports $20 billion in AUM for its Grayscale Bitcoin Trust (GBTC) ETF.
On May 21, GBTC recorded zero outflows, marking five consecutive days without a net outflow.
Over the past five days, it has seen inflows totaling $72.5 million, ending a four-month streak of steady outflows.
READ MORE: Global Bitcoin ATM Numbers Decline for the First Time Since July 2023
However, not all ETFs fared well on Tuesday.
The VanEck Bitcoin Trust ETF experienced outflows of $5.9 million, while the Bitwise Bitcoin ETF saw $4.2 million in outflows.
Conversely, the Fidelity Wise Origin Bitcoin Fund had minor inflows of $25.8 million, while the others remained unchanged.
The surge in Bitcoin ETF inflows has been fueled by a recent rise in BTC prices, which climbed 12% over the past week.
On May 21, BTC hit a six-week high of $71,600 but dropped below $70,000 in early Asian trading on May 22. At the time of writing, it was priced at $69,444.
Additionally, speculation that the U.S. Securities and Exchange Commission might approve spot Ether ETFs has lifted crypto markets since May 20.
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Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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