BlackRock's Dominance Masks Broader ETF Market Weakness

U.S. spot Bitcoin ETFs snapped their four-session losing streak on July 29, thanks to $32.1 million in net inflows.

However, this recovery is largely attributed to BlackRock's iShares Bitcoin Trust ETF (IBIT), which pulled in $89.8 million.

This influx more than covered the outflows from Fidelity's Wise Origin Bitcoin Fund ($43.1 million) and ARK 21Shares Bitcoin ETF ($14.6 million).

But what does this mean for the broader market? The SEC explains that only authorized participants directly transact with funds in large creation units, before selling shares to individuals or institutions.