BlackRock’s IBIT spot Bitcoin ETF continues to capture the interest of financial investors, securing its role as a go-to choice in the crypto ETF market.
The IBIT fund reported inflows of approximately $318 million on October 31, even as Bitcoin prices dropped 4% to $68,800.
IBIT Hits New Record Inflows
The recent inflow follows IBIT’s record-breaking $875 million in net inflows on October 30, which topped its previous high of $849 million. According to Farside Investors, IBIT’s weekly inflows now exceed $2 billion. In contrast, many other Bitcoin ETF providers are seeing outflows.
Competing ETFs Face Redemptions
While BlackRock’s IBIT fund experienced strong demand, other ETFs faced challenges. Valkyrie’s BRRR fund added nearly $2 million, but Fidelity’s FBTC ended its two-week streak with $75 million in net outflows. Other providers, including ARK Invest/21Shares, Bitwise, VanEck, and Grayscale, collectively reported $213 million in redemptions.
IBIT Strengthens Sector’s Momentum
Despite mixed performance across ETF providers, IBIT’s substantial inflows have helped the U.S. spot Bitcoin ETF market continue its growth streak. This influx marks the seventh consecutive day of net inflows for the sector, adding over $30 million in new investments.
BlackRock’s Dominance in ETF Market
Since its launch, IBIT has amassed close to $30 billion in assets, with nearly half of this total gathered within the past month. U.S. spot Bitcoin ETFs now collectively hold over 1 million Bitcoin, underscoring the sector’s rapid expansion.
Eric Balchunas, Bloomberg’s ETF analyst, highlighted that IBIT has attracted more investment in the past week than major ETFs like VOO, IVV, and AGG, a remarkable feat for a fund launched less than a year ago. BlackRock’s IBIT spot Bitcoin ETF is establishing itself as a powerful presence in the market.
