BlackRocks IBIT Leads Record Bitcoin ETF Inflows

With the US SEC on the verge of approving ether-based exchange-traded funds (ETFs), the focus shifts to skyrocketing Bitcoin tracking instruments. Some of the leading products in this context are Blackrock’s iShares Bitcoin Trust (IBIT), Fidelity’s  Wise Origin Bitcoin Fund (FBTC), and Grayscale’s Bitcoin Trust (GBTC), which have given stellar returns in the market. This favorable tendency has been extensively recognized in financial circles and studied by Wall Street players as a multibillion-dollar dance.

Though it is still fledgling, it has existed for five months and thirteen days, to be precise. U.S. spot Bitcoin ETFs posted an impressive performance last Tuesday. It has been yet another day of positive flows, with $305.7 million flowing, thus making it seven straight days in the positive—a cash bonanza!

Blackrock’s IBIT performed admirably in this financial ballet, accounting for 94.86% of total flows, or over $280 million. Nonetheless, because FBTC picked up the remnants of past favorites, Fidelity was able to attract nearly $26 million. Simultaneously, other Bitcoin ETFs sat idle without inflow or outflow, resembling the shadows of the performers in the play.

Currently, a contest is underway to determine who owns the majority of bitcoins in circulation or existence. At the moment, Blackrock’s IBIT is 281,883.90 BTC, lagging Grayscale’s Bitcoin Trust by a significant margin (289,511.90 BTC). The marginal difference for IBIT is only 7,628 BTC, or $536 million, allowing it to overtake Virt as the new leader in this fight.

Only IBIT, GBTC, and FBTC own more than 100,000 BTC. With 159,548.77 BTC, Fidelity’s FBTC is worth approximately $11.21 billion on the market.

Almost 414 institutional investors have invested in Blackrock’s IBIT, a spot bitcoin ETF. As a result, IBIT has become the primary reference point for large investors, which positively influences bitcoin demand.

Even Bloomberg Senior Analyst Eric Balchunas was stunned by this and found the newfound interest quite impressive. From his perspective, the mere presence of 20 investors during the ETF’s launch is already commendable, but the accumulation of 414 in just three months is highly atypical. Other competitors, such as the Bitwise Bitcoin ETF and the ARK 21shares Bitcoin ETF, have yet to witness comparable increases in investor attention.

Millennium Management LLC is the leading investor in IBIT, with 20,859,447 shares worth $844 million. Next in line is Schonfeld Strategic Advisors LLC, holding $248 million. That is why other institutions, like the Wisconsin Investment Board, have also ventured into the investment by purchasing shares worth 2,450,400.

In the meantime, despite the fact that the Grayscale Bitcoin Trust is not a newcomer to this field and has 619 institutional investors, this fund has recently changed its status to a spot bitcoin ETF, renewing its activities.

The figures are amazing. By May 16, 2021, IBIT had managed over 276,190 Bitcoins, valued at more than $18 billion. This week, investments in US bitcoin ETFs totaled $948.3 million.

Blackrock CEO and prominent Bitcoin supporter Larry Fink asserts that IBIT’s growth as an ETF has been exponential. Even in its more formal forms, this might be a sign that Bitcoin is heavily invested. Additionally, it shows that Bitcoin is gaining popularity and recognition in the worldwide finance industry.

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