BlackRocks IBIT holds over 3% of Bitcoin supply following record $970 million inflow
BlackRocks iShares Bitcoin Trust (IBIT), the largest spot BTC exchange-traded fund by net assets, recorded a positive inflow of $970 million on April 28. This marks its second-largest single-day inflow since launching in January 2024.
The strong inflow pushed IBITs assets under management to over $56 billion. According to SoSoValue data, the fund controls over 3% of BTCs 21 million total supply.
While IBITs performance stood out, the broader US spot Bitcoin ETF market faced significant outflows on the same day.
Data from SoSoValue showed that most spot Bitcoin ETFs recorded either flat activity or negative net flows.
ARK Invests ARKB led the days losses with an outflow of $226 million. Fidelitys FBTC followed closely, seeing $86.87 million exit. Grayscales GBTC reported $42 million in outflows, while Bitwises BITB shed another $21.1 million.
Despite the widespread outflows, IBITs strong inflow helped extend the overall markets positive momentum. The US spot Bitcoin ETF sector has now recorded seven consecutive days of net inflows, totaling around $4 billion during the period.
Commenting on these activities, Bloomberg ETF analyst Eric Balchunas noted that spot bitcoin ETFs are moving two steps forward after one step back. He added that this gradual but consistent progress aligns with early predictions for the ETF sectors growth pattern.
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Text source: CryptoSlate
