BlackRock Bitcoin ETF Takes Charge With Nearly $1B Inflows; Details

In the unfolding saga of the crypto markets, BlackRock's Bitcoin ETF has achieved a remarkable milestone, amassing nearly $1 billion in inflows amid broader bullish trends.

ETP metrics, closely followed by the tracker SosoValue, unveiled a mixed bag. While IBIT saw massive inflows, other U.S.-based spot BTC ETFs encountered outflows.

This development comes as the flagship crypto's price continues its ascent, now nearing $94K following a 7.5% weekly pump.

BlackRock Bitcoin ETF Leads With Nearly $1B Inflows; Details

SosoValue data on April 29 showed that the BlackRock Bitcoin ETF reported a staggering $970.93 million in inflows over the past day. This statistic highlights the growing interest from traditional markets in Bitcoin amid a broader bullish landscape.

However, U.S. spot BTC ETFs as a whole saw only $591.29 million in inflows on April 28. Apart from IBIT, other products like Fidelity, GrayScale, and VanEck reported outflows or no flows at all. The relatively poor performance of other products, compared to IBIT, highlights asset managers' prominent presence in the institutional scene.

Fidelity's FBTC reported outflows of $86.87 million in the interim. Further, Grayscale's GBTC reported outflows of $42.66 million. However, Valkyrie's BRRR and Invesco's BTCO reported net inflows of $0. Franklin Templeton's EZBC also reported nil net flows by April 28, highlighting the strong performance of BlackRock's Bitcoin ETF.

BTC Price Remains Above $94K

BTC price today extended weekly gains to over 7%, closing in at $94,974. Primarily, the flagship coin reflects bullish action amid rising institutional interest. CoinGape recently reported that U.S. spot Bitcoin ETF products saw a staggering $3.4 billion in inflows last week.

Meanwhile, crypto-backed traditional financial products are quickly gaining prominence among traders and investors amid speculations of a bull market. Amid this optimistic buzz, BlackRock's IBIT saw nearly $1 billion flow into the product in a single day. The Bitcoin market continues to reap the benefits of such bullish feats.

CoinGlass data showed that the flagship coin's future OI remained above the $60 billion mark as of reporting. Meanwhile, derivatives volume shot up by 50% to $96.56 billion.