Quick overview
- Bitcoin ETFs have returned to net positive territory, with BlackRock’s iShares Bitcoin Trust (IBIT) leading the industry.
- IBIT recorded the largest one-day inflow of any Bitcoin ETF, adding 455 BTC to its holdings.
- Fidelity’s FBTC saw no inflows or outflows, while ARK 21Shares and Bitwise gained 160 BTC and 131 BTC, respectively.
- Grayscale’s GBTC faced continued outflows, with a net outflow of 1,137 BTC over the past week.
Live BTC/USD Chart
BTC/USD
Bitcoin ETFs returned to net positive territory despite the nervousness and uncertainty evident in the market, with BlackRock’s iShares Bitcoin Trust (IBIT) regaining its position as the industry leader.
Lookonchain data revealed that IBIT had the largest one-day inflow of any Bitcoin ETF in the past 24 hours, adding 455 BTC to its holdings and bringing its total to 571,869 BTC. This one-day performance outweighed the outflows observed across competitors as a whole.
There were no inflows or outflows from Fidelity’s FBTC, the second-largest Bitcoin ETF by assets, while ARK 21Shares (ARKB) gained 160 BTC. Bitwise (BITB), which gained 131 BTC, displayed moderate strength.
However, Grayscale’s GBTC experienced ongoing pressure, with a net outflow of 1,137 BTC over seven days and a one-day outflow of 8 BTC. The net inflow into Bitcoin ETFs was 672 BTC on the day, or roughly $56.38 million, but the weekly figure remains negative at 2,794 BTC, or about $234 million.
Bitcoin’s intraday chart shows a brief upward spike following earlier sell pressure amid price consolidation. The current weekly net inflows into Bitcoin ETFs total $78 million, although the trend appears erratic.
BlackRock received $34 million in fees from the Bitcoin and Ethereum ETFs in the first quarter of 2024, less than 1% of its total revenue. The AUM for digital assets only makes up 0.5 percent of BlackRock’s $11 trillion in total assets under management, despite reaching $503 billion
Olumide Adesina
Financial Market Writer
Olumide Adesina is a French-born Nigerian financial writer. He tracks, analyzes, and reports changes in financial markets with over 15 years of working experience in investment trading.
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