2024-04-13
BlackRock's IBIT Bitcoin exchange-traded fund (ETF) has reached a significant milestone with total inflows surpassing $15 billion since its launch on January 11.
However, daily inflows for spot Bitcoin ETFs have been slowing down since peaking at $1.05 billion on March 12.
Recently, BlackRock's IBIT recorded its largest single daily inflow of $192.1 million since April 5, bringing its total inflows to $15.1 billion, according to Farside data.
This success has been highlighted by Bloomberg ETF analyst Eric Balchunas, who noted that IBIT has experienced over 50% growth and attracted $15 billion in new capital within just three months.
This figure is double the inflows of any other BlackRock ETF, demonstrating its strong performance in the market.
IBIT also led the inflows for U.S. spot Bitcoin ETFs, surpassing Grayscale's GBTC fund, which saw outflows of $124.9 million. Bitwise's BITB received $11.1 million in inflows, while Valkyrie's BRRR and Fidelity's FBTC attracted $8.4 million and $4.6 million, respectively.
Other funds did not record any flows on Thursday, resulting in a net inflow of $91.3 million for all spot Bitcoin ETFs.
BlackRock's spot Bitcoin ETF has achieved this milestone amidst a resurgence in advertising efforts for the product.
The increased visibility of iShares' spot Bitcoin ETF ads has been noted by Nate Geraci, President of The ETF Store.
Geraci observed seven banner ads while scrolling through the Bloomberg home page and emphasized that the marketing competition is still in its early stages, despite the ETF being only three months old.
Although spot Bitcoin ETF trading volume remained consistent at $2.5 billion on Thursday, daily volume has decreased since reaching a record high of $9.9 billion on March 5, coinciding with Bitcoin's surge above its previous cycle peak of around $69,000.
Despite fluctuations in BTC's price, BlackRock's spot Bitcoin ETF crossed the $15 billion mark in assets under management on April 12 and is now approaching $20 billion in AUM.
In terms of BTC holdings, GBTC currently holds 314,151 BTC, while IBIT holds 269,310 BTC, resulting in a difference of 44,841 BTC between the two funds According to Heyapollo.
Fidelity's FBTC has accumulated over 151,000 BTC ($10.7 billion) in assets, and Ark Invest 21 Shares' ARKB has amassed over 43,000 BTC ($3 billion).
Collectively, the new spot Bitcoin ETFs control over 524,000 BTC in assets ($37 billion).
