Bitcoin ETFs Recover with Mild Inflows, BlackRock Continues to Outperform

While the focus is currently on the Ethereum (ETH) spot Exchange-Traded Funds (ETFs) that launched this week, we of course also have the Bitcoin (BTC) spot ETFs. While the Ethereum funds saw capital flow out yesterday, the Bitcoin funds ended the day narrowly in the green.

With these modest inflows, Bitcoin ETFs have somewhat recovered from the previous day’s disappointment, but the positive momentum has clearly weakened.

Disappointing results for BTC funds

Last Tuesday, the strong run that the BTC funds launched in January were experiencing came to an end. After twelve consecutive days of inflows, the funds lost $78 million that day, according to data from Farside Investors.

While the disappointment didn’t come as a complete surprise, as the underlying Bitcoin price also seemed to be getting weaker, it was a huge contrast to the days before. On Monday, the funds had their best day in almost seven weeks with a net inflow of $485.9 million. On Friday, a flood of capital also flowed in of $427.2 million.

Yesterday, Bitcoin ETFs managed to recover somewhat by ending the day in the plus again. Together, a total of $44.5 million was raised.

BlackRock Expands Bitcoin ETF Dominance

BlackRock took a leading role on both days by far attracting the most capital. Yesterday, $66 million went to BlackRock’s IBIT fund and even on Tuesday BlackRock raised $71.9 million.

BlackRock has now seen 13 consecutive trading days of net inflows. This impressive streak was marked by last Monday, which saw inflows of more than $500 million, the best day since March.

Yesterday you could already read that the market share of BlackRock’s Bitcoin ETF had risen to a new record of 67%. With yesterday’s result, the Wall Street giant seems motivated to let this increase further. The other funds performed exceptionally poorly yesterday. Only Fidelity’s FBTC fund and the joint ARKB fund of ARK Invest and 21Shares saw limited inflows of $1.4 million and $3.3 million respectively.

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