Bitcoin exchange-traded funds (ETFs) witnessed a remarkable influx of $213 million in a single day, as reported by SoSoValue. This follows three consecutive days of net inflows in Bitcoin spot ETFs. On the other hand, the Grayscale Bitcoin Trust (GBTC) experienced a substantial outflow of $79.3 million, contributing to its total historical outflow of $15.31 billion.
Among the Bitcoin spot ETFs, BlackRock’s ETF known as IBIT had the highest single-day net inflow, with approximately $144 million. This added to IBIT’s historical net inflow of $14.4 billion.
BlackRock’s ETFs have been gaining momentum, with major Wall Street firms such as ABN AMRO Clearing, Citadel Securities, Citigroup Global Markets, Goldman Sachs, and UBS Securities joining as new authorized participants, according to the updated Bitcoin ETF prospectus released on April 5. These firms join the likes of JPMorgan Securities, Jane Street Capital, Macquarie Capital, and Virtu Americas. Authorized participants play a crucial role in the operational mechanism of ETFs by facilitating the creation and redemption of ETF shares.
Furthermore, crypto analyst Willy Woo has suggested that BlackRock’s massive $9.5 trillion in assets under management may shift towards digital assets, particularly Bitcoin, as younger generations show increasing confidence in cryptocurrencies.