BlackRock's spot Bitcoin ETF, IBIT, has recorded net inflows for 20 consecutive trading sessions – the longest capital raising streak this year for any spot Bitcoin ETF on the market.
According to data from SoSoValue, IBIT has attracted about $5.1 billion in its last 20 trading sessions, leading the market in net cash flow. Thanks to the strong price increase of Bitcoin, the total net asset value (NAV) of U.S.-based spot Bitcoin ETFs has now surpassed $121 billion – the highest since January 2025.
SoSoValue
Bloomberg's ETF analyst, Eric Balchunas, recently pointed out IBIT's superiority over other funds in a post on X. “IBIT is attracting much more capital than the rest,” he wrote. “There is usually a more even distribution... I believe this cash flow comes from the return of arbitrage strategies from hedge funds and some large institutions buying in after Bitcoin prices decoupled from the stock market and surged.”
One notable large investor in IBIT is Goldman Sachs. According to a new SEC filing discovered by MacroScope, Goldman Sachs is currently the largest known holder of IBIT, with 30.8 million shares worth approximately $1.4 billion – an increase of 28% since the beginning of Q1 2025.
Additionally, Goldman Sachs also owns 3.5 million shares of FBTC – the second-largest spot Bitcoin ETF in the market – with a total value of about $315 million. In Q1 2025, they purchased an additional 30,000 FBTC shares.
MacroScope also reported: “Goldman's December filing revealed that they hold IBIT call options worth $157 million, IBIT put options worth $527 million, and FBTC put options worth $84 million. However, none of these positions appeared in the latest 13F report.”
This move comes just a few months after Goldman Sachs first mentioned cryptocurrency in its annual shareholder letter. At the Token2049 conference, Mathew McDermott – the head of digital assets at Goldman Sachs – stated that the stablecoin bill could accelerate the adoption of cryptocurrency by traditional financial institutions.
“If regulations allow stablecoins to be easily used by financial institutions, it could accelerate the adoption of digital currencies by major players,” Mr. McDermott said. “We are closely monitoring this issue.”
Meanwhile, a BlackRock representative recently met with the SEC's cryptocurrency task force to discuss staking and options for cryptocurrency ETFs. The regulator is currently trending towards being more friendly to the industry as it continuously holds meetings with major stakeholders in the crypto sector.