BlackRock Bitcoin ETF Sees Record Inflows Amid Early-Week BTC Surge

BlackRock iShares Bitcoin Trust (IBIT) saw a massive $290 million inflow on May 21, marking the highest single-day inflow in six weeks. The surge contributed to over $300 million in net inflows for U.S. spot Bitcoin ETFs, driven by a recent BTC price rally.

BlackRock spot Bitcoin exchange-traded fund (ETF) witnessed a significant boost in inflows, recording $290 million on Tuesday, May 21. This influx surpassed the combined inflows of the past 21 trading days, indicating heightened investor interest.

BlackRock’s iShares Bitcoin Trust (IBIT) accounted for 95% of the total inflows into U.S. spot Bitcoin ETFs on May 21, which collectively amassed over $300 million. Preliminary data from Farside Investors highlighted that the IBIT fund achieved the highest inflow since April 5, reversing a six-week trend of minimal inflows.

In the past four trading days, spot Bitcoin ETFs have attracted more than $1 billion amid a volatile Bitcoin rally. The latest inflows have brought BlackRock’s IBIT to a total of $16 billion since its launch. The official product website, however, lists its assets under management (AUM) at $19 billion. This places IBIT close to Grayscale’s industry-leading Bitcoin Trust (GBTC), which manages $20 billion in AUM.

While Grayscale’s GBTC did not register any outflows on May 21, maintaining a streak of five days without net outflows, it recorded $72.5 million in inflows over the past five days, breaking a four-month streak of consistent outflows.

Despite the substantial inflows, not all Bitcoin ETFs benefited equally. The VanEck Bitcoin Trust ETF experienced $5.9 million in outflows, while the Bitwise Bitcoin ETF saw $4.2 million in outflows. In contrast, the Fidelity Wise Origin Bitcoin Fund recorded minor inflows of $25.8 million, with other ETFs showing no significant changes.

The renewed enthusiasm for Bitcoin ETFs has been fueled by a recent 12% increase in BTC prices over the past week. Bitcoin reached a six-week high of $71,600 on May 21 but later dipped below $70,000 during early Asian trading on May 22. At the time of writing, Bitcoin was trading at $69,444.

Additionally, the anticipation of the U.S. Securities and Exchange Commission (SEC) potentially approving spot Ether ETFs has contributed to the positive market sentiment since May 20.

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