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BlackRock’s iShares Bitcoin Trust (IBIT) has recorded its second-largest single-day inflow since launching in January 2024. On Monday, IBIT saw a massive $970.9 million in net inflows — a staggering signal of rising institutional conviction in the digital asset space.
The move comes as Bitcoin itself posts a 7.2% rally over the past week, trading near $94,900, with analysts suggesting that ETF activity is now directly fueling BTC’s price momentum.
BlackRock Dominates ETF Flows as Rivals See Outflows
While BlackRock enjoyed inflows nearing the $1 billion mark in just one day, its closest competitors saw a sharply contrasting picture. According to data from Coindesk and Farside Investors:
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Fidelity’s FBTC witnessed an $86.9 million outflow
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ARK 21Shares Bitcoin ETF (ARKB) lost $226.3 million
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Bitwise Bitcoin ETF (BITB) shed $21.1 million
These divergent flows suggest that BlackRock is becoming the ETF of choice for institutional investors, possibly due to its brand reputation, tighter spreads, and perceived stability.
“This is one of those ‘two steps forward’ moments,” said Eric Balchunas, ETF analyst at Bloomberg. “These flows validate the thesis that spot Bitcoin ETFs will continue attracting serious long-term capital.”
Over $4.5 Billion Inflows in Just One Week
The April 29 surge isn’t an isolated event. Since April 22, BlackRock’s IBIT has absorbed more than $4.5 billion in net inflows. This continued momentum points to a growing institutional shift toward Bitcoin ETFs over futures-based instruments or direct spot holdings.
This also comes at a time when traditional market volatility and global macro uncertainty have reignited demand for non-correlated assets — a space Bitcoin is increasingly occupying in portfolios.
| ETF | April 29 Net Flow | April 22–29 Cumulative Flow |
|---|---|---|
| BlackRock IBIT | +$970.9M | +$4.5B |
| Fidelity FBTC | -$86.9M | Declining |
| ARK 21Shares ARKB | -$226.3M | Declining |
| Bitwise BITB | -$21.1M | Declining |
Bitcoin Price Surges as ETF Demand Spikes
The massive ETF demand coincided with Bitcoin’s price jump to $94,900, representing a 7.2% weekly increase. Analysts suggest this is not a coincidence, but rather a result of spot market buying driven by ETF inflows.
“We’re entering a new phase where ETF flows can directly influence price action — especially on low liquidity days,” said Nate Geraci, President of ETF Store.
Meanwhile, open interest in CME Bitcoin futures has dropped for the fourth straight day, currently standing at 132,750 BTC. This may suggest that short-term leveraged trading is cooling off as long-term spot investments take center stage.
Basis Yield Rises — Indicating Return of Bullish Sentiment
While futures open interest dropped, the basis yield — the annualized premium between futures and spot prices — has surged from 5% to nearly 9%. This widening spread indicates rising bullish sentiment, as traders anticipate higher prices in the near term and are willing to pay a premium to go long.
If the basis continues climbing, it could reignite leveraged interest, bringing back CME flows in tandem with spot ETF demand.
Why IBIT Continues to Lead the Pack
BlackRock’s dominance is not accidental. Several factors make IBIT the most attractive product among spot Bitcoin ETFs:
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Liquidity and scale: It leads in daily volume and total assets under management (AUM).
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Brand trust: Institutional allocators prefer BlackRock for its legacy and scale.
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Lower tracking error: IBIT has shown tighter correlation with spot BTC prices compared to some rivals.
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As more financial advisors and institutional desks warm up to Bitcoin, IBIT appears to be the default gateway for exposure.
Conclusion: ETF Flows Are Fueling the Bitcoin Bull Narrative
BlackRock’s latest inflow surge has reaffirmed a critical trend: spot Bitcoin ETFs are now key players in the price discovery mechanism of BTC. As more capital pours in, particularly from traditional finance, Bitcoin’s narrative as a mainstream asset continues to strengthen.
With over $4.5 billion in flows in just one week and nearly $1 billion in a single day, IBIT is quickly becoming one of the most impactful vehicles in the crypto space. If this trend continues, we may be witnessing the early stages of a long-term, ETF-fueled Bitcoin bull cycle.
FAQs
What is BlackRock’s IBIT?
IBIT is BlackRock’s iShares Bitcoin Trust, a U.S.-listed spot Bitcoin ETF launched in January 2024 that allows investors to gain BTC exposure through traditional brokerage accounts.
Why did IBIT see such high inflows?
Strong institutional demand, positive market sentiment, and investor confidence in BlackRock’s reputation are driving IBIT’s record-setting inflows.
How are other Bitcoin ETFs performing?
Rivals like Fidelity’s FBTC and ARK 21Shares’ ARKB experienced outflows, suggesting investor capital is consolidating into the most trusted ETF platforms.
Is ETF activity impacting Bitcoin’s price?
Yes. As spot ETFs accumulate BTC, they drive direct market demand, influencing price trends more visibly than in the pre-ETF era.
What does basis yield mean?
Basis yield reflects the premium between futures and spot prices. A rising basis indicates bullish sentiment as traders anticipate higher prices.
Glossary of Key Terms
Spot ETF: An exchange-traded fund that directly holds Bitcoin, enabling regulated market exposure.
Net Inflows: The total amount of money flowing into a financial product after accounting for redemptions.
Basis Yield: The difference between futures and spot prices, used to gauge market sentiment.
Open Interest: The total number of outstanding futures contracts that haven’t been settled — often used to assess leverage.
CME Futures: Bitcoin futures contracts listed on the Chicago Mercantile Exchange, often used by institutional traders.
