The landscape of US spot Bitcoin Exchange-Traded Funds (ETFs) has been dramatically reshaped, with BlackRock’s IBIT product emerging as the undisputed leader. Its recent performance indicates a significant shift in investor preference, consistently attracting the lion’s share of new capital entering the market and setting new benchmarks for growth within the ETF sector.
IBIT’s Unrivaled Inflow Dominance
On May 28, the collective US spot Bitcoin ETFs experienced a substantial influx of $432.7 million in new capital. Astonishingly, nearly all of this amount, specifically $481 million, was channeled into IBIT alone. This singular focus on BlackRock’s offering contrasted sharply with other funds, as Fidelity’s FBTC and Ark Invest’s ARKB recorded net outflows of $14 million and $34.3 million, respectively. Other Bitcoin ETFs saw no notable inflows on that day.
Over a recent 10-day trading period, IBIT accounted for an astounding 96% of all incoming capital, totaling $4.09 billion. Since its inception in January, IBIT has amassed a remarkable $49 billion in inflows, eclipsing the combined total of all other spot Bitcoin ETFs. Concurrently, Grayscale’s GBTC has continued its trend of capital depletion, registering $23.1 billion in net outflows since its conversion from a trust.
A Streak of Unprecedented Growth
IBIT’s ascendancy is not limited to short-term gains; the fund has maintained an unbroken streak of inflows for over a month. Since April 9, IBIT has logged 33 consecutive trading days without a single outflow, drawing in an additional $9.31 billion during this period. The fund’s assets under management (AUM) now stand at an impressive $72 billion, securing its position as the 23rd largest ETF in the United States.
Industry experts have taken note of IBIT’s rapid expansion. Nate Geraci from The ETF Store described IBIT’s rise as “absurd,” highlighting its classification among the top 5 ETFs for inflows by 2025, out of more than 4,000 funds. Eric Balchunas, a senior ETF analyst at Bloomberg, further emphasized its unique trajectory, noting that no other ETF within the top 25 has achieved such rapid growth; the next youngest comparable fund is over a decade old.
Market Impact and Trading Volumes
Trading volumes across Bitcoin ETFs remain robust, following a surge to $25 billion the previous week when BTC’s price briefly touched $112,000. On a recent trading day, the combined volume for all Bitcoin ETFs reached $3.4 billion, with IBIT alone accounting for $2.6 billion, nearly 80% of the total. With Bitcoin currently trading close to $108,500, IBIT’s consistent inflows and dominant trading volume underscore a broader market trend. BlackRock is not merely leading the pack; it is actively redefining what is achievable for a spot Bitcoin ETF in the global financial landscape.
Senior Crypto Correspondent with over 8 years of experience covering Bitcoin, altcoins, and blockchain technology for leading financial publications. Alexander holds a master’s degree in Financial Economics and specializes in in-depth market analysis, regulatory updates, and interviews with top industry figures.