BlackRock’s Bitcoin ETF Sees 6-Week Inflow High Amid Early-Week BTC Rally

According to Cointelegraph: BlackRock witnessed a sharp rise in inflow to its iShares Bitcoin Trust (IBIT) on May 21, totaling $290 million. This comes amidst recent upticks in Bitcoin (BTC) prices, combining to the highest inflow for the BlackRock ETF since April 5. The fresh inflow into the BlackRock fund accounts for 95% of the total inflow into all U.S. Bitcoin ETFs on Tuesday, bringing over $300 million in total net inflow. Source: Farside Investors The latest Bitcoin rally saw more than $1 billion revert into Bitcoin spot ETFs over the past four trading days. Adding the recent figures, the BlackRock fund has to date attracted $16 billion in inflows since its inception, as reported by Farside Investors. However, the product's official website shows $19 billion in assets under management. Thumbnailing Grayscale's industry-leading position, BlackRock's IBIT is now close behind Grayscale's GBTC spot ETF, which holds $20 billion AUM according to the official website. On the other hand, other funds witnessed outflows. Notably, the VanEck Bitcoin Trust ETF reported an outflow of $5.9 million, while the Bitwise Bitcoin ETF saw a $4.2 million outflow. Meanwhile, the Fidelity Wise Origin Bitcoin Fund recorded a minor inflow of $25.8 million. Bitcoin's price, which achieved a six-week high of $71,600 on May 21, has been a key driver of recent Bitcoin ETF interest. Another factor buoying the cryptocurrency market is the potential approval of spot Ethereum ETFs in the U.S. by the Securities and Exchange Commission.