BlackRock's IBIT Swoops $195.6M on Bitcoin, Surpasses Half of ETF Category's Inflows

BlackRock's iShares Bitcoin Trust (IBIT) made a significant move yesterday, buying a whopping $195.6 million worth of Bitcoin. This purchase brings the total amount IBIT has acquired over the past month to $1.57 billion, surpassing half of the $2.99 billion net inflows the spot Bitcoin ETF category received in the same period.

The massive buying spree by IBIT overshadowed the entire category's net inflow of $102.67 million for the day. The fund's net inflow of $195.57 million was significantly higher than the rest of the category, indicating that other funds were collectively net sellers that session.

This is not a one-time blip, as IBIT has been steadily gaining traction. The fund's assets under management (AUM) have reached $109.34 billion, making it the largest US spot Bitcoin ETF by AUM.

The rise of IBIT and other regulated products like it suggests that institutional demand for Bitcoin is shifting towards these products rather than direct ownership of the coins.