BlackRock's Bitcoin ETF Bought Nearly $1B of BTC

BlackRock's exchange-traded fund (ETF) bought nearly $1 billion worth of Bitcoin (BTC) on behalf of its clients

Exchange-traded funds (ETFs) saw nearly $1 billion in inflows on April 28 alone, as BlackRock’s iShares Bitcoin Trust (IBIT) bought close to a billion dollars worth of Bitcoin (BTC) on behalf of its clients.

According to Sosovalue data, IBIT’s latest purchase brought its second-largest day of inflows on record.

The latest figures from Sosovalue also show that all other ETFs realized net negative outflows or remained flat, while IBIT’s near $1 billion investment brought total net inflows to US spot BTC ETFs to just above $590 million.

Among the outflows, ARK Invest’s ARKB ETF recorded the highest with $226 million.

“Nearly *$1bil* into iShares Bitcoin ETF today.. 2nd largest inflow since Jan 2024 inception. I still remember when there was “no demand,”'

Pointing to the latest outflows, Geraci added that there was “still some outflows in other ETFs, but overall a positive day for the ETF market.”

According to Dune Analytics data, BlackRock’s IBIT is the largest spot BTC ETF with over $54 billion in assets under management, which accounts for 51% of the total spot BTC ETF market share.

According to ETF Database data, IBIT is the world’s 33rd-largest ETF among crypto and traditional finance-based ETFs.

Earlier this week, Bitget Research chief analyst Ryan Lee told Cointelegraph that compared to retail investors who remain indifferent, institutional interest in Bitcoin is heating up.

Lee’s comments come after a report from Glassnode showed that Bitcoin futures markets saw a record inflow of over $10 billion in a single week as the cryptocurrency’s price recovered above the $94,000 mark.

ETFs provide ‘structural' support for Bitcoin rally

According to Nexo dispatch analyst Iliya Kalchev, Bitcoin’s recovery over the past week was aided by over $3 billion worth of cumulative net inflows for the US spot Bitcoin ETFs.

The figures mark the second-highest week of investments since the launch of the Bitcoin ETFs in the U.S. last year.

According to Kalchev, the Bitcoin price posted its “strongest weekly gain since Trump’s election victory, but signs suggest another move could be brewing.”

“ETF inflows into spot Bitcoin products topped $3 billion last week—the highest since November—providing structural support that could fuel further upside,” said the analyst.

According to data from the ETF Store, U.S. crypto ETFs saw a record seven straight days of inflows this week.

The latest inflows into IBIT come as crypto consulting firm Defiance Technologies stated that despite the recent Bitcoin price rally, retail investors have yet to show interest in the cryptocurrency.

According to the firm’s analysis, the lack of interest from retail investors could be attributed to the timing of the recent Bitcoin price recovery, which began after a period of outflows from BTC ETFs.

The AUM of the five largest U.S. crypto ETFs also decreased by a total of $1.15 billion during the past week, with the outflows primarily driven by traders engaging in short-term arbitrage opportunities, Defiance Technologies noted.

However, the firm highlighted that the persistent inflows into IBIT suggest that institutions are providing support for Bitcoin’s price at higher levels.

Bitcoin investments have previously been a significant driver of Bitcoin’s upside momentum. As previously reported by Cointelegraph, it’s estimated that ETFs accounted for 75% of new investment into Bitcoin when it recaptured the $50,000 mark in February, a month after the debut of the U.S. spot Bitcoin ETFs.

See the Top 100 crypto ETFs by AUM as of April 27. Benzinga's exclusive coverage provides insights into the evolving landscape of crypto investment products.

The post BlackRock ETF pumps nearly $1B into Bitcoin as institutional demand soars appeared first on ChainShot.