Back to main

BlackRock Dominates Bitcoin ETF Market with $290M Inflow, Driving Total ETF Inflows Over $300M

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.

To submit a crypto press release (PR), send an email to [email protected].

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.

Read on Crypto Intelligence Investment Disclaimer