BlackRock’s Bitcoin ETF Dominates Market with Record Inflows Amid Price Fluctuations

The momentum in cryptocurrency-linked exchange-traded funds (ETFs) continues, particularly with BlackRock's iShares Bitcoin Trust (IBIT) taking center stage.

Despite Bitcoin struggling to maintain the crucial $68,000 mark, BlackRock has aggressively capitalized on the price dip, acquiring approximately 29,714 BTC (around $2 billion) over nine consecutive trading days. This brings IBIT’s total holdings to 399,355 BTC, worth about $27.16 billion, constituting over 2% of Bitcoin’s circulating supply.

On specific days, BlackRock’s activity included purchases of 2,436 BTC on October 24 and 4,798 BTC on October 23.

Meanwhile, Bitcoin spot ETFs reported a total net inflow of $188.11 million, with IBIT leading the way at $165.54 million, raising its cumulative net inflow to $23.69 billion.

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While Grayscale’s GBTC experienced a net outflow of $7.05 million, Bitwise’s BITB reported a daily inflow of $29.63 million. Among the 1,800 ETFs launched in the last four years, IBIT stands out as the most successful, with $26 billion in assets.

Recently, it saw an additional $323 million in inflows, underscoring its dominance in the market as institutional interest in Bitcoin remains strong.

Alexander Zdravkov