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BlackRock Dominates Bitcoin ETF Market with $290M Inflow, Driving Total ETF Inflows Over $300M

This marks the highest inflow for BlackRock’s ETF since April 5, breaking a six-week streak of negligible inflows.

On Tuesday, May 21, BlackRock‘s spot Bitcoin exchange-traded fund (ETF) dominated the market, accounting for 95% of the total inflows into United States spot Bitcoin ETFs. Together, these ETFs saw over $300 million in net inflows.

Preliminary data from Farside Investors revealed that BlackRock’s iShares Bitcoin Trust (IBIT) experienced substantial inflows of $290 million on May 21. The combined net inflow for all eleven ETF issuers was $305.7 million.

This marks the highest inflow for BlackRock’s ETF since April 5, breaking a six-week streak of negligible inflows.

The recent figure surpasses the total inflows for the previous 21 trading days combined.

In total, spot Bitcoin ETFs have attracted more than $1 billion over the last four trading days amid a volatile Bitcoin rally.

With these latest numbers, BlackRock’s fund has reached $16 billion in total inflows since its inception, according to Farside Investors.

Nonetheless, the official product website lists the assets under management (AUM) at $19 billion.

This brings BlackRock’s IBIT close to the industry leader, Grayscale, which reports $20 billion in AUM for its Grayscale Bitcoin Trust (GBTC) ETF.

On May 21, GBTC recorded zero outflows, marking five consecutive days without a net outflow.

Over the past five days, it has seen inflows totaling $72.5 million, ending a four-month streak of steady outflows.

READ MORE: Global Bitcoin ATM Numbers Decline for the First Time Since July 2023

However, not all ETFs fared well on Tuesday.

The VanEck Bitcoin Trust ETF experienced outflows of $5.9 million, while the Bitwise Bitcoin ETF saw $4.2 million in outflows.

Conversely, the Fidelity Wise Origin Bitcoin Fund had minor inflows of $25.8 million, while the others remained unchanged.

The surge in Bitcoin ETF inflows has been fueled by a recent rise in BTC prices, which climbed 12% over the past week.

On May 21, BTC hit a six-week high of $71,600 but dropped below $70,000 in early Asian trading on May 22. At the time of writing, it was priced at $69,444.

Additionally, speculation that the U.S. Securities and Exchange Commission might approve spot Ether ETFs has lifted crypto markets since May 20.


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