BlackRock’s Spot Bitcoin ETF Draws Record Inflows

BlackRock's spot bitcoin ETF, known as IBIT, experienced a remarkable net inflow of $527 million, the largest single-day intake since mid-March. On Monday, IBIT alone accounted for $526.7 million, according to data from SoSoValue.

On the same day, ten U.S. spot bitcoin ETFs, excluding Bitwise's BITB, collectively received $533.57 million in net inflows. BlackRock’s IBIT led this surge, followed by Fidelity’s FBTC with $23.72 million. Invesco and Galaxy Digital’s BTCO drew $13.65 million, while Franklin Templeton’s fund saw $7.87 million in inflows.

In contrast, VanEck’s HODL fund had a net outflow of $38.37 million. Meanwhile, Grayscale’s GBTC and Ark Invest's ARKB showed no net activity for the day. Since their approval in January, U.S. spot bitcoin ETFs have attracted $17.59 billion in net inflows, with a total market cap of over $62 billion. This highlights their growing popularity among investors.

The spot Ethereum ETFs could bring in significant investments. Eric Balchunas from Bloomberg predicts these funds might attract 10 to 15% of the assets that spot bitcoin ETFs have. Citigroup estimates these funds could amass $4.7 billion to $5.4 billion in six months.

This approval might also lead to more ETFs based on other cryptocurrencies like Solana. 21Shares and VanEck have filed for spot Solana ETFs, although approval is uncertain. In summary, BlackRock’s spot bitcoin ETF has seen substantial investment, reflecting strong interest in these financial products. The recent SEC approval for spot Ethereum ETFs could further boost the market, opening doors for future altcoin-based ETFs.