BlackRock Bitcoin ETF buys $970M in BTC as inflows surge, boost market
BlackRock's iShares Bitcoin Trust (IBIT) ETF purchased $970 million in Bitcoin on April 28, marking its second-largest inflow day after a $1.12 billion purchase on November 7, 2024. This investment contributed to total net inflows for US spot Bitcoin ETFs exceeding $590 million, while other ETFs experienced negative or flat outflows, with ARK Invest's ARKB ETF seeing the highest outflows of $226 million. IBIT, with over $54 billion in assets, holds 51% of the spot Bitcoin ETF market share and ranks as the 33rd largest ETF globally. Recent ETF inflows and corporate buying have supported Bitcoin's price recovery above $94,000, despite lower retail investor interest. Last week saw over $3 billion in cumulative net inflows for US spot Bitcoin ETFs, the highest since November, providing structural support for potential further price increases. Bitcoin ETFs have historically driven significant investment momentum, accounting for 75% of new investments when Bitcoin surpassed $50,000 in February 2024.
