BlackRock Clients Pour $108M into IBIT as Institutional Demand for Bitcoin Remains Strong
BlackRock's iShares Bitcoin Trust (IBIT) has seen another massive influx of client money, with $108.44 million worth of Bitcoin purchased in a single session. This is consistent with the firm's recent trend, which has seen daily inflows ranging from $80 million to over $200 million.
Since its launch in January 2024, IBIT has become the dominant force in the US spot Bitcoin ETF market, capturing between 50% and 80% of total daily or weekly inflows across all competing products. Grayscale's GBTC has been on the other side of that trade, experiencing persistent outflows as investors rotate toward lower-fee alternatives.
IBIT's holdings have swelled to between 770,000 and 786,000 BTC, making BlackRock one of the largest institutional holders of Bitcoin on the planet. However, it's worth noting that BlackRock itself holds none of this Bitcoin on its balance sheet; instead, it acts as a conduit for client transactions, handled through Coinbase Prime.
The scale of ongoing demand suggests institutions are allocating to Bitcoin through IBIT in a methodical and sizeable manner, akin to the way they allocate to gold through GLD. In fact, cumulative weekly inflows have surpassed $680 million during certain weeks.