BlackRock's IBIT Spot Bitcoin Exchange Traded Fund yesterday reached $15 billion in total inflows, just three months after it began trading on January 11th.
“IBIT is up more than 50%, gaining $15 billion in new cash in three months. Both of these numbers are twice as many as any other BlackRock ETF, with 421 holdings.” said Bloomberg ETF analyst Eric Balchunas on Thursday. “It's as hot as iron.”
BlackRock's IBIT dominated inflows to the US Spot Bitcoin ETF yesterday, adding $192.1 million to outflows from Grayscale's high-fee GBTC fund, according to Coinglass data. It earned an overwhelming $24.9 million.
Bitwise’s BITB saw $11.1 million inflows on Thursday, while Valkyrie’s BRRR and Fidelity’s FBTC brought in $8.4 million and $4.6 million, respectively.
Yesterday's inflows into the remaining funds were zero, bringing the daily net inflows to $91.3 million. Total net flows for the Spot Bitcoin ETF currently stand at $12.9 billion. However, spot Bitcoin peaked at $1.05 billion in daily net inflows on March 12, as Bitcoin neared its all-time high of $73,836, according to The Block's data dashboard. Overall ETF flows have slowed.
The inflow milestone for BlackRock's Spot Bitcoin ETF comes amid renewed advertising for the product as the battle for attention intensifies. “iShares is going all-in on spot Bitcoin ETF ads. Just scrolling through the Bloomberg homepage, I think there were seven banner ads,” said Nate Geraci, president of ETF Store. “Remember, we’ve only been here three months. [The] The marketing war has just begun. ”
Meanwhile, spot Bitcoin ETF trading volume on Thursday was steady at $2.5 billion, again led by IBIT, which generated $1.1 billion in trades. However, after reaching a record $9.9 billion on March 5, daily trading volume declined as Bitcoin surpassed its first pre-cycle peak of around $69,000.
Taking Bitcoin price fluctuations into account, BlackRock's Spot Bitcoin ETF already had $15 billion in assets under management on March 12th and is now approaching $20 billion in assets under management.
BlackRock's IBIT enters top 100 ETFs with total assets under management approaching $20 billion
In Bitcoin terms, BlackRock's IBIT Fund currently manages more than 266,000 BTC ($18.9 billion), according to the latest report. Disclosure excluding yesterday's inflow.
“The iShares Bitcoin ETF is currently in the top 100 of *all* ETFs by asset,” Geraci said. “This is a number out of approximately 3,500 ETFs. [It] I did this in 3 months. ”
According to CoinGlass, Fidelity's FBTC assets are over 151,000 BTC ($10.7 billion), and Ark Invest 21 Shares' ARKB assets are over 43,000 BTC ($3 billion).
The nine new spot Bitcoin ETFs (excluding Grayscale's convertible GBTC fund) now have total assets of over 524,000 BTC ($37 billion).
Meanwhile, GBTC's underlying assets have declined 49% since the Spot Bitcoin ETF began trading, from approximately 619,000 BTC to just under 316,000 BTC ($22 billion).
GBTCBitcoin holdings. Image: Coin glass.
According to The Block's price page, Bitcoin is currently trading at $70,774. The largest cryptocurrency by market capitalization has been flat in the past 24 hours, but is up 5% in the past month and 67% year-to-date.
BTC/USD price chart. Image: Block/TradingView.
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