BlackRock Bitcoin ETF IBIT Records $1 Bln Inflows

The BlackRock Bitcoin ETF has recently secured a landmark feat by recording nearly $1 billion worth of inflows amid broader bullish crypto market trends. ETP metrics revealed by the tracker Sosovalue indicated that while IBIT recorded massive inflows, other U.S.-based spot BTC ETFs witnessed outflows intraday. Meanwhile, the flagship crypto’s price continues to climb, now nearing $95K after pumping 7.5% weekly.

BlackRock Bitcoin ETF Takes Charge With Nearly $1B Inflows; Details

SosoValue data on April 29 revealed that the BlackRock Bitcoin ETF recorded inflows worth $970.93 million over the past day. This statistic has underscored rising traditional market interest in the flagship crypto amid a broader bullish landscape.

However, U.S. spot BTC ETFs as a whole saw only $591.29 million worth of inflows on April 28. Apart from IBIT, other products such as Fidelity, GrayScale, and VanEck witnessed outflows or no flows at all. The relatively poor performance of other products, compared to that of IBIT, has underlined the asset manager’s prominent stance in the institutional landscape.

Fidelity’s FBTC recorded outflows worth $86.87 million in the interim. Further, Grayscale’s GBTC recorded outflows worth $42.66 million. However, Valkyrie’s BRRR and Invesco’s BTCO recorded net flows worth $0. Franklin Templeton’s EZBC also reported nil net flows as of April 28, remaining undermined by BlackRock’s Bitcoin ETF.

BTC Price Holds Above $94K

BTC price today extended weekly gains to over 7%, closing in at $94,974. Primarily, the flagship coin mirrors a bullish action amid rising institutional interest. CoinGape recently reported that U.S. spot Bitcoin ETF products even recorded a staggering $3.4 billion worth of inflows in the last week.

Meanwhile, crypto-backed traditional financial products appear to be securing a prominent spot on traders’ and investors’ radars amid speculations of a bull market. Amid this optimistic buzz, BlackRock’s IBIT recorded nearly $1 billion worth of inflows in just a day. The Bitcoin market continues to leverage such bullish feats.

CoinGlass data indicated that the flagship coin’s future OI remained above the $60 billion mark as of reporting. Whereas, the derivatives volume shot up by 50% to $96.56 billion.