Blackrock’s spot bitcoin exchange-traded fund (ETF), the Ishares Bitcoin Trust (IBIT), single-handedly offset Grayscale’s bitcoin ETF outflow of $600 million on Thursday. Blackrock’s bitcoin ETF has broken both its trading volume and inflow records this week. The fund’s crypto holdings have risen to 161K bitcoins.
Blackrock’s Bitcoin ETF Single-Handedly Offsets Grayscale's $600M Outflow — IBIT Now Holds 161K BTC
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Blackrock Continues to See Massive Inflows
Blackrock’s spot bitcoin exchange-traded fund (ETF), the Ishares Bitcoin Trust (IBIT), continued its strong performance on Thursday, contrasting sharply with a slowdown for other spot bitcoin ETFs and a significant outflow from Grayscale’s bitcoin ETF (GBTC). Bloomberg’s analyst James Seyffart shared on social media platform X Friday:
IBIT single-handedly offset a $600 million outflow from GBTC. The group of bitcoin ETFs took in $92 million. Importantly IBIT already crossed $10 billion in assets. Doing this in just 7 weeks (to the day) is insane.
On Tuesday, IBIT broke its own record with a net inflow of $520.2 million. The following day, it shattered its record again, attracting $612.1 million in inflows. Notably, while all other spot Bitcoin ETFs combined brought in less than $90 million on Thursday, IBIT surged further with $603.9 million, effectively offsetting Grayscale’s $598.9 million outflow.
IBIT also broke its trading volume records this week. On Monday, the fund surpassed its previous trading volume record by roughly 30%, reaching $1.292 billion. Blackrock’s spot bitcoin ETF continued this trend, setting a new record of $1.357 billion in trading volume on Tuesday.
Moreover, Blackrock’s spot bitcoin ETF now holds 161,265.81490 BTC with a notional value exceeding $10 billion.
The U.S. Securities and Exchange Commission (SEC) approved 11 spot bitcoin ETFs on Jan. 10 and 10 of them began trading the next day. Besides IBIT, nine other spot bitcoin ETFs are Fidelity Wise Origin Bitcoin Fund (FBTC), Ark 21shares Bitcoin ETF (ARKB), Bitwise Bitcoin ETF (BITB), Invesco Galaxy Bitcoin ETF (BTCO), Wisdomtree Bitcoin ETF (BTCW), Vaneck Bitcoin Trust ETF (HODL), Franklin Bitcoin ETF (EZBC), and Valkyrie Bitcoin ETF (BRRR). Collectively, the 10 U.S. spot bitcoin ETFs saw only $92.4 million in inflows on Thursday.
What do you think about Blackrock’s spot bitcoin ETF’s massive trading volumes and inflows? Let us know in the comments section below.
