BlackRock’s IBIT spot bitcoin exchange-traded fund (ETF) has amassed over $10 billion in net inflows in just two months. This rapid influx is almost enough to offset the total outflows of $10.55 billion from Grayscale’s converted GBTC fund.
Interestingly, IBIT’s total flows are on par with the combined inflows of $10.1 billion from the other eight spot bitcoin ETFs. Together, these nine new ETFs (excluding GBTC) have also surpassed the $20 billion mark. The net inflows for all these products now exceed $9.5 billion.
On Friday, IBIT continued to lead the pack with daily inflows of $336.3 million. Fidelity’s FBTC followed with $130.3 million, and Valkyrie’s BRRR came in third with $41.4 million. Despite substantial daily outflows from Grayscale’s higher fee GBTC fund, the U.S. spot bitcoin ETFs recorded net inflows of $223 million on the same day.
The iShares Bitcoin ETF has achieved a significant milestone, surpassing $10 billion in net inflows in just 40 days, averaging about $250 million per day. Now, it boasts $13.6 billion in assets under management (AUM), nearing Ark Invest’s total assets of $16.5 billion.
In a recent development, the nine new ETFs have overtaken GBTC in bitcoin holdings, now holding a combined 409,224 BTC compared to GBTC’s 399,743 BTC. BlackRock’s IBIT leads with 197,943 BTC, even surpassing MicroStrategy’s 193,000 BTC.
Bloomberg ETF analyst Eric Balchunas commented on this rapid growth, “All this was bound to happen but not in eight weeks. Scary fast.”
Friday also marked the third-biggest day for spot bitcoin ETF trading volume, hitting $7.58 billion. BlackRock’s IBIT led the charge with $3.55 billion, followed by Fidelity’s FBTC and Grayscale’s GBTC with $1.69 billion and $1.51 billion, respectively. The cumulative trading volume for all spot bitcoin ETFs now stands at a staggering $106.6 billion.
In tandem with these developments, Bitcoin set a new all-time high, breaking through the $70,000 mark for the second time in a few days and reaching a peak of $71,860. Currently, Bitcoin is trading at $71,747, up 3% over the past 24 hours and more than 10% over the past week, fueled by the inflows into the spot ETFs.
