BlackRock’s IBIT spot bitcoin exchange-traded fund (ETF) has achieved a remarkable milestone, surpassing $10 billion in net inflows in just two months since its launch.
The total net inflows into IBIT reached $10.03 billion on Friday, reflecting an impressive growth trajectory. Notably, this figure nearly offsets the total outflows of $10.55 billion from Grayscale’s converted GBTC fund alone. Moreover, IBIT’s inflows are comparable to the combined $10.1 billion inflows from the other eight spot bitcoin ETFs, excluding GBTC, which collectively exceeded $20 billion in net inflows on Friday. Overall, net inflows for all spot bitcoin ETFs now exceed $9.5 billion.
On Friday, IBIT once again led in daily inflows, recording $336.3 million worth of inflows. Fidelity’s FBTC followed with $130.3 million, and Valkyrie’s BRRR ranked third with $41.4 million in inflows, according to data from BitMEX Research.
Despite substantial daily outflows from Grayscale’s higher fee GBTC fund, totaling $302.9 million on Friday, the U.S. spot bitcoin ETFs collectively registered $223 million in net inflows. Invesco’s BTCO was the only ETF experiencing outflows, with $7.6 million exiting the fund.
Nate Geraci, President of The ETF Store, highlighted IBIT’s rapid growth, stating, “iShares Bitcoin ETF has eclipsed $10 billion net inflows. That’s net inflows in 40 days. Pulling down an average of $250 million/day. Now at $13.6 billion AUM.”
The newborn nine ETFs have also surpassed GBTC in bitcoin holdings, collectively holding 409,224 BTC compared to GBTC’s 399,743 BTC, per BitMEX Research. IBIT leads with 197,943 BTC, surpassing MicroStrategy’s holdings.
Bloomberg ETF analyst Eric Balchunas remarked on the swift market evolution, stating, “All this was bound to happen but not in eight weeks. Scary fast. It seems like they’ve been on the market for six months. I feel like the ETFs have gotten sucked into crypto time (a la that one planet in Interstellar).”
Trading volume for U.S. spot bitcoin ETFs reached $7.58 billion on Friday, the third-largest level to date. Notably, BlackRock’s IBIT led in trading volume, generating $3.55 billion, followed by Fidelity’s FBTC and Grayscale’s GBTC.
The cumulative trading volume for all spot bitcoin ETFs now stands at $106.6 billion, underlining the significant market activity and investor interest in these investment vehicles.