BlackRock's IBIT Sees $970M Inflow, Boosts Bitcoin ETF Market Momentum

BlackRock’s iShares Bitcoin Trust (IBIT), the largest spot Bitcoin exchange-traded fund by net assets, experienced a significant inflow of $970 million on April 28. This inflow marked the second-largest single-day inflow since the fund's launch in January 2024. The substantial inflow boosted IBIT’s assets under management to over $56 billion, positioning the fund to control over 3% of Bitcoin’s total supply of 21 million coins.

Despite the impressive performance of IBIT, the broader US spot Bitcoin ETF market faced notable outflows on the same day. Data from SoSoValue indicated that most spot Bitcoin ETFs recorded either flat activity or negative net flows. ARK Invest’s ARKB led the day’s losses with an outflow of $226 million, followed by Fidelity’s FBTC with $86.87 million in outflows. Grayscale’s GBTC reported $42 million in outflows, and Bitwise’s BITB shed another $21.1 million.

Despite the widespread outflows, IBIT’s strong inflow helped sustain the overall market’s positive momentum. The US spot Bitcoin ETF sector has now recorded seven consecutive days of net inflows, totaling around $4 billion during this period. This consistent inflow highlights the growing interest and investment in Bitcoin ETFs, despite the broader market fluctuations.

Analysts have noted that the gradual but consistent progress in the ETF sector aligns with early predictions for its growth pattern. The sector is moving “two steps forward after one step back,” indicating a steady increase in investment despite periodic setbacks. This trend suggests a maturing market with increasing institutional interest in Bitcoin as an asset class.