BlackRock Leads $626M Bitcoin ETF Inflow Surge

US-listed spot Bitcoin ETFs have seen significant inflows over the past three days, taking in $626 million combined. This influx of institutional money is a notable shift for the product category, which spent most of the summer experiencing net outflows.

The run started on Monday and built through the week, with Tuesday's session bringing in $211.5 million in net inflows. The largest single day was Wednesday, with BlackRock's iShares Bitcoin Trust taking in $479 million of the three-day total.

This concentration is a key aspect of the story. Every other issuer is fighting for the remaining share of the market. This raises questions about the health of the ETF complex as a whole, particularly given the growth disparity among issuers.

Hashdex's Bitcoin ETF (DEFI) has been closed due to the squeeze on smaller issuers, with a final trading day set for August 17 before it sells its remaining Bitcoin and returns cash to shareholders. This is the first closure of its kind in the US.