BlackRock’s iShares Bitcoin ETF Records $970.9 Million in Inflows
The BlackRock iShares Bitcoin (BTC) Trust ETF (IBIT) experienced $970.9 million in inflows, the second-largest since its launch in January 2024. Key details include:
- Monday saw $591.2 million of new capital.
- Competitors faced outflows: Fidelity’s FBTC lost $86.9 million, Bitwise’s BITB dropped $21.1 million, and ARK’s ARKB saw $226.3 million in outflows.
- Bitcoin (BTC) rose by 7.2% in the past week, trading at $94,900.
- Since April 22, IBIT has accumulated over $4.5 billion in net inflows.
Nate Geraci from The ETF Store noted nearly $1 billion inflow into the iShares Bitcoin ETF, while Eric Balchunas from Bloomberg remarked on the ETF market's progress.
In derivatives markets, open interest on CME Bitcoin Futures has declined to 132,750 BTC after four days. However, the annualized basis yield increased from 5% to 9%, potentially indicating renewed market activity. High yields typically boost demand for futures, while lower yields lead to reduced openness and leverage in the market.