Significant $422 Million Surge in Bitcoin ETFs Led by BlackRock’s $351 Million Share
On May 1, Bitcoin exchange-traded funds (ETFs) saw an impressive influx of $422 million, predominantly fueled by BlackRock’s IBIT, which alone contributed $351 million.
This surge followed a day of outflows that interrupted an eight-day winning streak, bringing the total net inflows for US-listed spot Bitcoin ETFs to $39.5 billion since their inception (including outflows from Grayscale), according to data from Farside Investors.
Cumulatively, total assets under management (AUM) for Bitcoin ETFs across spot markets have climbed to $112 billion as Bitcoin continues to trade significantly higher than its initial ETF launch prices. BlackRock’s IBIT boasts total inflows leading to an AUM of $58 billion, equivalent to 597,000 BTC.
The disparity between net cumulative flows and AUM is primarily attributed to Bitcoin’s price appreciation since those inflows were recorded (along with minor factors like accrued cash, fees, and rounding errors). Net inflows reflect historical costs, while AUM is adjusted to market value.
Fidelity’s FBTC and Bitwise’s BITB experienced smaller inflows of $29.5 million and $38.4 million, respectively, whereas Grayscale’s GBTC managed to see $16 million in net inflows following an extended period of outflows.
| Provider | Ticker | Fee | 30 Apr (US$m) | 01 May (US$m) | Total (US$m) |
|---|---|---|---|---|---|
| BlackRock | IBIT | 0.25% | 267.0 | 351.4 | 43,006 |
| Fidelity | FBTC | 0.25% | -137.5 | 29.5 | 11,664 |
| Bitwise | BITB | 0.20% | -23.0 | 38.4 | 2,060 |
| Ark | ARKB | 0.21% | -130.8 | -87.2 | 2,653 |
| Invesco | BTCO | 0.25% | 0.0 | 10.6 | 114 |
| Franklin | EZBC | 0.19% | 0.0 | 0.0 | 261 |
| Valkyrie | BRRR | 0.25% | 0.0 | 0.0 | 311 |
| VanEck | HODL | 0.20% | 0.0 | 21.9 | 887 |
| WTree | BTCW | 0.25% | 0.0 | 0.0 | 37 |
| Grayscale | GBTC | 1.50% | -32.0 | 16.0 | -22,747 |
| Grayscale | BTC | 0.15% | 0.0 | 41.9 | 1,288 |
| Total | -56.3 | 422.5 | 39,532 |
The resurgence of inflows coincided with Bitcoin exceeding $97,000 on May 2, highlighting the intricate relationship between spot prices and ETF demand.
There remains a significant disparity between the largest issuers. BlackRock and Fidelity continue to leverage extensive distribution networks, while smaller firms like Valkyrie and VanEck have experienced minimal or no daily flows.
As competition intensifies, Grayscale may explore adjustments to its pricing strategy in order to address outflows and stay relevant in a swiftly evolving ETF marketplace.
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