The Dominance of BlackRock’s IBIT ETF in Bitcoin Market
BlackRock’s ETF Bitcoin Receives $4 Billion in 10 Days
American Bitcoin Spot ETFs continue to attract positive flows for the tenth consecutive day. Since May 17, a significant $4.26 billion has been injected into these funds, with BlackRock’s ETF IBIT alone representing 96% of the inflows over this period, with no outflows recorded for over a month.
33 Days Without a Dollar Outflow
IBIT displays an impressive streak: 33 consecutive days without any net withdrawals, a remarkable feat in the traditional crypto ecosystem. Since April 9, a total of $9.31 billion has flowed into the fund, pushing assets under management to $72 billion. On Wednesday alone, IBIT attracted $481 million, while all other Bitcoin ETFs showed a neutral or negative balance.
For comparison, ARKB (Ark Invest) and FBTC (Fidelity) experienced net outflows of $34.3 million and $14 million, respectively. No other funds generated inflows on that day. Over the past 10 days, all other ETFs combined only accounted for $170 million compared to BlackRock’s $4.09 billion.
A Flow Monster, One Year After its Launch
Nate Geraci, president of The ETF Store, sums up the situation: “It’s become absurd. IBIT ranks in the top 5 ETFs for inflows this year… out of over 4,200 products. And it achieved this in just one month.” Bloomberg confirms that IBIT now holds the 23rd position among all ETFs in the global market by assets, a ranking where other members have an average of over ten years.
Launched in January 2024, IBIT has already attracted $49 billion, surpassing the cumulative flows of all other Bitcoin ETFs, despite $23.1 billion fleeing Grayscale’s GBTC due to higher fees.
Record Volume and Total Dominance
In terms of trading volumes, the dynamics are equally astounding. After setting a weekly record of $25 billion, Bitcoin ETFs recorded another $3.4 billion in trades on Wednesday, with IBIT alone accounting for $2.6 billion. The fund now nearly captures 80% of market share in terms of volume.
Ethereum Tries to Keep Up
American Bitcoin Spot ETFs continue to attract positive flows for the tenth consecutive day. Since May 17, a significant $4.26 billion has been injected into these funds, with BlackRock’s ETF IBIT alone representing 96% of the inflows over this period, with no outflows recorded for over a month.
