Key Points

• BlackRock's iShares Bitcoin Trust (IBIT), a spot Bitcoin ETF, now holds over 70,000 BTC tokens, totaling $3 billion at the current Bitcoin price of $43,200.
• Since its launch on January 11, the ETF has consistently attracted strong net inflows, with only two trading days experiencing less than $100 million in net inflows.
• Over the past 24 hours, the ETF accumulated an additional 3,805 BTC tokens.
• BlackRock's success is mirrored by other spot Bitcoin ETFs, including Fidelity’s spot Bitcoin ETF (FBTC), which attracted close to $2.5 billion in net inflows.

BlackRock's iShares Bitcoin Trust (IBIT), a spot Bitcoin ETF, has reached a significant milestone by accumulating over 70,000 BTC tokens, valued at just over $3 billion based on the current Bitcoin price of $43,200. Since its launch on January 11, the ETF has consistently attracted robust net inflows, experiencing only two trading days with less than $100 million in net inflows.

According to crypto analyst @CryptoWorldJosh, the ETF added another 3,805 BTC tokens in the past 24 hours, indicating ongoing investor interest. BlackRock's success with its spot Bitcoin ETF is not unique, as other ETFs in the same category have also performed well.

Fidelity’s spot Bitcoin ETF (FBTC), for instance, has seen net inflows of nearly $2.5 billion as of Thursday, contributing to the positive trend in the sector. Following SEC approval, several spot Bitcoin ETFs, including those from Ark 21Shares, Bitwise, Invesco/Galaxy, VanEck, Valkyrie, Franklin, and WisdomTree, collectively boast nearly $2 billion in assets under management (AUM).

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When combined with Grayscale’s Bitcoin Trust (GBTC), the total AUM for spot Bitcoin ETFs stands at approximately $28 billion. GBTC, which transitioned to a spot ETF in January, faced outflows of around $6.1 billion. Traders who had bought GBTC at a significant discount to net asset value (NAV) throughout 2023 were able to redeem their holdings at NAV upon the ETF conversion, leading to profit-taking and substantial outflows.

GBTC's relatively high fees compared to its counterparts might contribute to the ongoing shift towards newly launched spot Bitcoin ETFs. According to ETF.com, GBTC outflows have decreased to around $200 million per day this week, with inflows into other recently launched ETFs surpassing GBTC outflows, providing additional momentum to the Bitcoin market.

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