BlackRock’s exchange-traded fund (ETF) bought nearly $1 billion worth of Bitcoin on behalf of its clients following a rise in price.
BlackRock’s iShares Bitcoin Trust (IBIT) ETF purchased $970 million worth of Bitcoin on April 28, marking the second-largest day of inflows on record, after acquiring $1.12 billion worth of BTC on November 7, 2024, according to Sosovalue data.
Nate Geraci, president of the ETF Store advisory firm, highlighted the event and wrote on April 29 on X: “Nearly $1 billion into the iShares Bitcoin ETF today… 2nd largest inflow since its January 2024 inception. I still remember when there was ‘no demand.”
IBIT’s nearly $1 billion investment pushed total net inflows for U.S. spot Bitcoin ETFs to just over $590 million. All other ETFs either experienced net outflows or remained flat. ARK Invest’s ARKB ETF saw the largest outflows, losing $226 million.
Ryan Lee, chief analyst at Bitget Research, told Cointelegraph that the recent $1 billion surge was driven by Bitcoin’s price rally last week, explaining: “ETF inflows and corporate buying have played a key role in Bitcoin’s recovery above $94,000, especially as retail investor interest continues to lag.”