BlackRock’s IBIT Adds 6,000 BTC Amid ETF Outflows

Key Notes

• IBIT now holds 674,248 BTC with $70.4 billion in assets under management, securing 54% of the Bitcoin ETF market.
• While BlackRock posted significant inflows, net inflows across all US Bitcoin ETF issuers were just $216 million due to a large outflow.
• The net inflows on June 17 were nearly half of the $412 million inflows on the previous day.

BlackRock’s iShares Bitcoin Trust (IBIT) has continued to dominate the Bitcoin ETF market, clocking a massive $639 million in inflows on June 17, while scooping more than 6000 Bitcoins from the open market.

As a result, the net inflows for IBIT since inception have surged to more than $50.67 billion, which is nearly 5 times its immediate competitor, i.e., Fidelity’s FBTC, with $11.4 billion of inflows.

Related article: Bitcoin Golden Cross Shows A BTC Price Revival Coming SoonAs a result, the BlackRock Bitcoin ETF (IBIT) total holdings have surged to 674,248 BTC, with its net assets under management at $70.4 billion as of the current Bitcoin price of $104,000. Interestingly, yesterday’s inflows came despite the drop in BTC price amid escalating geopolitical tensions in the ongoing Iran-Israel war.

Yesterday’s BlackRock’s IBIT clocked a daily trading volume of $3.2 billion, while scooping 6,088 BTC from the open market. This is probably the largest single-day inflow in nearly a month’s time after May 22, per data from Farside Investors.

BlackRock’s iShares Bitcoin Trust currently manages $70 billion in assets, capturing a dominant 54% share of the total Bitcoin ETF market, which stands at $131 billion in assets under management.

Despite BlackRock, Bitcoin ETF Inflows Nearly Halve

While BlackRock’s IBIT managed a staggering $640 million in inflows on June 17, however, the net inflows across all US Bitcoin ETF issuers stood at just $216 million. This is because Fidelity’s FBTC saw $208 million outflows, followed by Ark Invest’s ARKB at $191 million outflows. The net inflows on June 17 were literally half of the $412 million inflows on the previous day.

The decline in inflows aligned with Bitcoin’s price drop during the trading session, reaching an intraday low of $103,371 amid ongoing geopolitical tensions in the Iran-Israel war. This downturn has dampened market sentiment, seemingly halting fresh capital inflows into BTC-linked ETFs.

The BTC price drop has been mirrored by a decrease in the coin’s futures open interest (OI), indicating a decline in leveraged trading activity. All eyes will be on the FOMC meeting kicking off today, as analysts will be waiting for Fed Chair Jerome Powell’s decision on interest rate cuts.

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