BlackRock’s spot Bitcoin investment fund accounted for 95% of the total inflows into U.S. spot Bitcoin ETF funds on May 21, with a net inflow exceeding $300 million. According to preliminary data from Farside Investors, BlackRock’s iShares Bitcoin Trust (IBIT) reported a significant inflow of $290 million on May 21. The net inflow for all eleven ETF issuers was $305.7 million.
What’s Happening in the ETF Sector?
This development marks the highest inflow into the BlackRock ETF fund since April 5, reversing a six-week trend of zero or very low inflows. The recent figure also surpasses the total inflow of the fund over the past 21 trading days. Overall, more than $1 billion returned to spot Bitcoin ETF funds amid Bitcoin’s volatile rise over the past four trading days.
According to Farside Investors, with the latest daily figures added, the BlackRock fund has reached a total inflow of $16 billion since its launch, although the product’s official website shows $19 billion in assets under management. This brings BlackRock’s IBIT very close to the sector leader Grayscale’s GBTC spot ETF fund, which has $20 billion in AUM, according to its official website.
Meanwhile, GBTC recorded zero inflows on May 21, marking the fifth consecutive day without outflows. The fund saw an inflow of $72.5 billion over the past five days, reversing a four-month trend of consistent outflows.
Notable Details
There was also a slight decline in the large inflow figure recorded on May 21. VanEck Bitcoin Trust ETF (HODL) saw an outflow of $5.9 million, and Bitwise Bitcoin ETF (BITB) saw an outflow of $4.2 million. Fidelity Wise Origin Bitcoin Fund (FBTC) saw a small inflow of $25.8 million; the rest were zero.
The Bitcoin ETF enthusiasm was driven by the increase in Bitcoin’s price, which gained 12% in the past week. Bitcoin reached a six-week high of $71,600 on May 21 but traded at $69,444 during early trading on May 22, falling below the $70,000 level.
The idea of the Securities and Exchange Commission potentially approving spot Ethereum ETF funds in the U.S. also invigorated the crypto markets this week.
