BlackRock’s IBIT Sees Second-Largest Bitcoin Inflow Since Launch
The BlackRock iShares Bitcoin Trust ETF (IBIT) recorded $970.9 million in inflows, its second-largest net inflow since its January 2024 launch. Monday alone contributed $591.2 million, contrasting sharply with outflows from competitors like Fidelity’s FBTC ($86.9 million), Bitwise’s BITB ($21.1 million), and ARK’s ARKB ($226.3 million).
This surge aligns with Bitcoin’s 7.2% price increase over the past week, now trading at $94,900**. Since April 22, IBIT has attracted over **$4.5 billion in net inflows, defying broader market trends.
Derivatives Market Update: Declining CME Futures Interest
CME Bitcoin Futures open interest (OI) has dropped for four consecutive days, reaching 132,750 BTC. However, the annualized basis yield rebounded from 5% to 9% in April, potentially revitalizing basis trades and short-term OI recovery.
Why Basis Trades Matter
- Strategy: Investors buy spot Bitcoin and short futures to capitalize on price gaps.
- Impact: Higher yields boost futures demand, increasing OI. Declining yields signal reduced leverage.
Expert Insights on ETF Momentum
Nate Geraci, President of The ETF Store:
"Nearly $1 billion into iShares Bitcoin ETF today... Second-largest inflow since inception. I still remember when there was 'no demand'."
Eric Balchunas, Bloomberg ETF Analyst:
"ETFs are in two-steps-forward mode after taking one step back, exactly the pattern we predicted."
FAQs
1. What drove IBIT’s recent $970M inflow?
Growing institutional confidence and Bitcoin’s price rally fueled demand, overshadowing competitor outflows.
2. How does CME Futures’ OI affect Bitcoin’s market?
Declining OI suggests reduced leverage, but rising basis yields may attract renewed trading activity.
3. Why is BlackRock’s ETF outperforming others?
Brand credibility, liquidity, and strategic positioning make IBIT a preferred choice for institutional investors.
👉 Learn more about institutional Bitcoin adoption
Author: James Van Straten, Senior Analyst at CoinDesk, specializes in Bitcoin’s macroeconomic role. Former Research Analyst at Saidler & Co., with expertise in on-chain analytics and advisory roles in Bitcoin treasury strategies.