BlackRock Now Owns 51% of the US Bitcoin Cash ETF Market
BlackRock's iShares Bitcoin Trust (iBIT) had its second-largest buying day since its launch, investing $970 million.
In a single day, asset management giant BlackRock injected nearly $1 billion into its Bitcoin cash ETF, marking a decisive turning point in the institutional landscape. This spectacular transaction, which took place on April 28, is not an isolated event, but rather the illustration of a major trend that could permanently disrupt the Bitcoin (BTC) market. Here's an explanation.
BlackRock's iBIT smashes records
On April 28, BlackRock's iShares Bitcoin Trust (iBIT) recorded its second-largest day of purchases since its launch, investing $970 million in BTC, according to data from Sosovalue. This is a remarkable performance, second only to its record high of November 7, 2024, when it acquired $1.12 billion in BTC. This massive inflow boosts iBIT's market share to over 51% of US spot Bitcoin ETFs, with $54 billion in assets under management.
Indeed, other Bitcoin ETFs on the market lag far behind the asset management giant. Total net inflows for all US Bitcoin ETFs that day reached $590 million, driven solely by iBIT, while competing products such as ARK Invest's ARKB posted net outflows of $226 million. This imbalance confirms iBIT's dominant position in this segment, in a context where institutional interest appears to be emerging selectively.
Are the Bitcoin market headed for a new bullish momentum?
Last week, US Bitcoin ETFs attracted over $3 billion in cumulative net investments. This performance coincides with a recovery in the BTC price above $94,000. Ryan Lee, chief analyst at Bitget, points out that these flows, combined with corporate purchases, have compensated for the lack of interest from retail investors, contributing significantly to the current market momentum.
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