BlackRock Just Reminded Everyone Who's Boss in the Bitcoin ETF Space

On April 28, 2025, its iShares Bitcoin Trust (IBIT) quietly scooped up a massive $970 million worth of Bitcoin in a single day.

In a day that saw most U.S. spot Bitcoin ETFs either have flat flows or even outflows, iShares Bitcoin Trust (IBIT) saw a whopping $970.9 million in inflows.

That’s the second-largest inflow ever for the fund, only behind the monster $1.12 billion it pulled in last November. This also brings BlackRock’s market share dominance to over 50% for Bitcoin ETFs.

The world’s biggest asset manager now has over $56 billion in the fund. To put that in perspective, that’s more than 3% of Bitcoin’s total supply. One fund, managed by the world’s biggest asset manager, is sitting on enough BTC to make even some crypto OGs raise an eyebrow.

After reporting on Monday that the fund had seen the biggest day of outflows in the past 173 days on Sunday, today saw the biggest day of inflows in the past 173 days.

The timing of this large buy also comes amid some interesting market observations.

Most other U.S. spot Bitcoin ETFs saw flat or negative flows on the same day, in contrast to iShares Bitcoin Trust's substantial inflows. This difference in trends might be attributed to the varying investment strategies employed by different institutions.

As one of the world’s biggest asset managers, BlackRock’s moves can often influence the market, providing structural support for cryptocurrencies with their large-scale purchases.

Samara Cohen, BlackRock’s CIO of ETF and Index Investments, recently said that most institutional clients are focused on Bitcoin. With markets uncertain about rates, inflation and global tension, Bitcoin is slowly starting to look less like a moonshot bet and more like a long-term play.

Despite the billion-dollar buy, Bitcoin didn’t move much overnight, staying in the same price range. That’s a sign of how much the market has matured. A calm reaction to a big buy is to be expected.

In other news, top tokens like Ethereum and Cardano also saw some gains overnight, while the broader market is showing signs of continued confidence in the wake of recent market volatility.