BlackRock made a major move into Bitcoin on April 28, purchasing close to $1 billion worth of BTC through its exchange-traded fund (ETF), further reinforcing the market’s upward momentum, according to analysts.
Through its iShares Bitcoin Trust (IBIT), the asset management giant acquired approximately $970 million in Bitcoin on that day alone. This marks the second-largest daily inflow for the fund since its inception, only trailing the $1.12 billion haul on November 7, 2024, according to Sosovalue data.
This substantial buy helped push net inflows across all U.S. spot Bitcoin ETFs to just over $590 million, even as most other funds recorded outflows or flat performance. ARK Invest’s ARKB ETF, for instance, saw the largest single-day withdrawal with $226 million in outflows.
“Nearly $1 billion flowed into BlackRock’s Bitcoin ETF today — the second biggest since it launched in January 2024. Funny to think there was a time when people claimed there was no demand,” Nate Geraci, president of The ETF Store, posted on X on April 29.
Currently, BlackRock’s IBIT leads the pack among spot Bitcoin ETFs, with over $54 billion in assets under management. That gives it a 51% share of the total U.S. spot BTC ETF market, according to Dune Analytics.
With this recent inflow, IBIT now ranks as the 33rd-largest ETF globally when comparing both crypto-focused and traditional funds, based on data from ETF Database.
According to Bitget Research’s chief analyst Ryan Lee, institutional interest through ETFs and corporate buying played a key role in lifting Bitcoin’s price back above $94,000 over the past week, especially as retail traders have remained relatively quiet.
ETFs Act as a Backbone for Bitcoin’s Climb
Last week, U.S.-listed spot Bitcoin ETFs collectively saw over $3 billion in net inflows, marking their second most active week since launching — a trend providing strong foundational support for Bitcoin’s recent price gains.
Nexo’s Iliya Kalchev noted that Bitcoin just posted its most robust weekly rally since Donald Trump’s 2016 election win and hinted that more upside could be on the horizon.
“ETF flows into spot Bitcoin products exceeded $3 billion last week — the largest since November — offering underlying support that may continue to push prices higher,” Kalchev explained.
ETFs have historically played a pivotal role in driving Bitcoin upward. When BTC reclaimed the $50,000 level in February 2024, around 75% of that demand came through these investment vehicles — just one month after U.S. spot Bitcoin ETFs launched.
For more news, find me on Twitter Giannis Andreou and subscribe to My channels Youtube and Rumble
What is your opinion on this particular topic? Leave us your comment below! We are always interested in your opinion!
