BlackRock’s iShares Bitcoin Trust (IBIT) ETF purchased nearly $1 billion worth of Bitcoin on April 28 — a move analysts say is providing structural support for BTC’s price trajectory.
The $970 million inflow marks IBIT’s second-largest single-day purchase since its inception, trailing only its record-setting $1.12 billion buy on Nov. 7, 2024, according to Sosovalue data.
BlackRock Dominates the Bitcoin ETF Arena
This latest acquisition pushes IBIT’s total assets under management (AUM) to over $54 billion, giving it a 51% market share among U.S. spot Bitcoin ETFs, per Dune Analytics. It now ranks as the 33rd-largest ETF in the world across both crypto and traditional finance sectors, according to ETF Database.
While BlackRock’s ETF surged, competitors stumbled: ARK Invest’s ARKB saw $226 million in outflows, with other funds either flat or negative on the day. In total, U.S. spot Bitcoin ETFs recorded $590 million in net inflows, nearly all of it driven by IBIT.
“Nearly $1 billion into iShares Bitcoin ETF today… I still remember when there was ‘no demand,’”
— Nate Geraci, President of ETF Store, on X (Apr. 29)
ETF Demand Fuels Bitcoin’s Price Recovery
This spike in institutional activity comes as Bitcoin trades above $95,000, with analysts attributing the rally in part to ETF inflows and corporate buying.
“ETF inflows into spot Bitcoin products topped $3 billion last week — the highest since November — providing structural support that could fuel further upside,” said Iliya Kalchev, analyst at Nexo Dispatch.
Ryan Lee, Chief Analyst at Bitget Research, added that while retail interest remains subdued, ETF-driven capital has played a critical role in Bitcoin’s rebound from recent lows.
Bitcoin ETFs: The New Institutional Backbone
Since the launch of U.S. spot Bitcoin ETFs in January 2024, they have become a key mechanism for institutional exposure to crypto markets. In February, when BTC reclaimed the $50,000 level, ETFs accounted for 75% of all new investment inflows, illustrating their outsized influence.
The market is watching closely as Bitcoin’s role as a reserve asset expands across institutional and even state-level adoption in the U.S. Meanwhile, continued inflows suggest ETFs may increasingly underpin BTC’s long-term price floor.
HODL Team
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