Inflows into BlackRock’s IBIT Bitcoin ETF Surpass $10 Billion
In just two months, BlackRock’s IBIT spot bitcoin exchange-traded fund has accumulated over $10 billion in net inflows. This amount is nearly equal to the total outflows of $10.55 billion from Grayscale’s converted GBTC fund. It also exceeds the combined inflows of $10.1 billion from the other eight spot bitcoin ETFs. The total net inflows for all these products now exceed $9.5 billion.
- IBIT leads in daily flows with $336.3 million worth of inflows.
- Fidelity’s FBTC follows with $130.3 million worth of inflows.
- Valkyrie’s BRRR ranks third with $41.4 million worth of inflows.
Despite the outflows of $302.9 million from Grayscale’s GBTC fund, the U.S. spot bitcoin ETFs received net inflows of $223 million on Friday. The only other ETF experiencing outflows was Invesco’s BTCO, which saw $7.6 million exiting the fund.
Nate Geraci, President of The ETF Store, mentioned that iShares Bitcoin ETF has reached over $10 billion in net inflows in just 40 days, averaging around $250 million per day. He compared this achievement to Ark Invest, which has approximately $16.5 billion in total assets and was launched in 2014.
Newborn Nine ETFs Surpass GBTC in Bitcoin Holdings
The nine new ETFs now hold a combined 409,224 BTC in assets, surpassing GBTC’s holdings of 399,743 BTC. BlackRock’s IBIT leads with 197,943 BTC, surpassing MicroStrategy’s 193,000 BTC.
Eric Balchunas, Bloomberg ETF analyst, expressed his surprise at the rapid growth of the ETFs in just eight weeks. He compared their speed to being “sucked into crypto time,” similar to a planet in the movie Interstellar.
Spot Bitcoin ETF Trading Volume Reaches Third-Biggest Day
On Friday, trading volume for U.S. spot bitcoin ETFs reached the third-largest level at $7.58 billion. This is slightly behind the second-biggest volume day of $7.64 billion on February 28. The record daily trading volume for these ETFs stands at $9.93 billion, set on March 5 when bitcoin broke its previous all-time high of $69,000.
BlackRock’s IBIT led in trading volume with $3.55 billion, followed by Fidelity’s FBTC with $1.69 billion and Grayscale’s GBTC with $1.51 billion.
The cumulative trading volume for all spot bitcoin ETFs now exceeds $106.6 billion.
Bitcoin Reaches New All-Time High
Bitcoin’s price soared above $70,000 and reached a new all-time high of $71,860. Currently trading at $71,747, it has increased by 3% over the past 24 hours and over 10% in the past week. This surge can be attributed to the inflows into spot ETFs.
In just two months, BlackRock’s IBIT spot bitcoin exchange-traded fund crossed $10 billion worth of net inflows on Friday.
IBIT’s total flows of $10.03 billion are almost enough to cancel out total outflows of $10.55 billion from Grayscale’s converted GBTC fund alone. It is also comparable to the $10.1 billion worth of inflows generated from the other eight spot bitcoin ETFs combined, with the newborn nine — excluding GBTC — also topping 20 billion on Friday. Net inflows for all the products now total more than $9.5 billion.
IBIT again led daily flows on Friday, registering $336.3 million worth of inflows. Fidelity’s FBTC was second with $130.3 million worth of inflows, and Valkyrie’s BRRR third with $41.4 million, according to data from BitMEX Research.
Net inflows for the U.S. spot bitcoin ETFs came in at $223 million on Friday, despite $302.9 million worth of outflows from Grayscale’s higher fee GBTC fund, which continues to witness substantial daily outflows. Invesco’s BTCO was the only other ETF to witness outflows for the day, with $7.6 million exiting the fund.
“iShares Bitcoin ETF has eclipsed $10 billion net inflows. That’s net inflows in 40 days. Pulling down an average of $250 million/day,” The ETF Store President Nate Geraci posted on X. “Now at $13.6 billion AUM. For context, Ark Invest has about $16.5 billion total assets. Firm launched in 2014.”
The newborn nine ETFs also flipped GBTC in bitcoin holdings last week — now holding a combined 409,224 BTC in assets compared to GBTC’s 399,743 BTC, per BitMEX Research. BlackRock’s IBIT leads with 197,943 BTC — also surpassing MicroStrategy’s 193,000 BTC last week.
“All this was bound to happen but not in eight weeks. Scary fast,” Bloomberg ETF analyst Eric Balchunas said. “It seems like they’ve been on the market for six months. I feel like the ETFs have gotten sucked into crypto time (a la that one planet in Interstellar).”
Third-biggest day for spot bitcoin ETF trading volume
Trading volume for the U.S. spot bitcoin ETFs also hit the third-largest level of $7.58 billion on Friday, just behind the second-biggest volume day of $7.64 billion on Feb. 28. Record daily trading volume for the ETFs currently stands at $9.93 billion, set on March 5 — when bitcoin first broke its prior all-time high of $69,000.
Friday’s trading volume was again led by BlackRock’s IBIT, registering $3.55 billion, with Fidelity’s FBTC and Grayscale’s GBTC generating $1.69 billion and $1.51 billion, respectively, according to The Block’s data dashboard.
Cumulative trading volume for all spot bitcoin ETFs now stands at $106.6 billion.
Bitcoin sets fresh all-time high
The bitcoin price set fresh highs on Monday, rising above the $70,000 mark for the second time in the last few days before pushing through $71,000 to reach a new all-time high of $71,860. Bitcoin is currently trading for $71,747 — up 3% over the past 24 hours and more than 10% over the past week, according to The Block’s price page — spurred on by the spot ETF inflows.
Hot Take: Bitcoin Continues to Surge
Bitcoin’s remarkable performance in recent weeks shows no signs of slowing down. With the influx of inflows into BlackRock’s IBIT and other spot bitcoin ETFs, the cryptocurrency has reached a new all-time high above $71,000. This surge is fueled by investor interest and growing confidence in bitcoin as an asset class. As more institutional investors embrace cryptocurrencies, the market is experiencing significant growth and adoption.
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