Bitcoin ETF Showdown: BlackRock's iShares Bitcoin Trust Attracts Massive $2 Billion Inflows, Sets New Industry Benchmark

BlackRock's iShares Bitcoin Trust (IBIT) has emerged as the frontrunner in the fiercely competitive spot Bitcoin exchange-traded fund (ETF) arena. In a remarkable feat, IBIT crossed the significant $2 billion assets under management (AUM) threshold on its 10th day of trading on U.S. exchanges, solidifying its position as the undisputed leader within this recently approved investment trust category.

BlackRock's iShares Bitcoin Trust (IBIT) witnessed an astounding surge in inflows, totaling $170.7 million. This remarkable increase represents a substantial growth of 157.85% compared to the preceding day's inflow of $66.2 million, as reported by data from BitmexResearch.

This impressive surge in inflows further cemented BlackRock's position as a trailblazer in the Bitcoin ETF sector, propelling its total inflow beyond the significant milestone of $2 billion — an achievement marking a historic first among ETF providers.

Meanwhile, Grayscale's GBTC remained on a steady course of outflows, with the latest figures showing the lowest daily outflow since its inception, amounting to $394 million.

GBTC's cumulative outflows reached a substantial $4.78 billion, underlining a significant trend of investors withdrawing their investments from the trust over time.

In the wake of iShares Bitcoin Trust's success, Fidelity's FBTC emerged as a strong contender, attracting slightly over $100 million in new investments.

This achievement bolstered FBTC's total inflow to a substantial $1.83 billion, positioning it as a significant player in the Bitcoin ETF arena.

Bloomberg Intelligence ETF analyst James Seyffart provided insights into this feat, saying that "volumes and flows are showing signs of deceleration" on the 10th day of Bitcoin ETF trading, further describing it as "another day with a slight dip in net flows," which tallied to $744 million in total net flows.

"Update for day 10 of the #Bitcoin ETF Cointucky derby. Volumes and flows are both slowing down a bit. Another slight negative day on flows. Total net flows stand at +$744 million. $IBIT likely crosses 2 billion in assets today," Seyffart said earlier that day.

The ETF analyst also acknowledged the achievement of Valkyrie Funds' spot Bitcoin ETF, which successfully crossed the significant $100 million assets under management (AUM) milestone.

As of 8:45 p.m. ET on Sunday, Bitcoin continued to exhibit a positive trend, trading at $42,225.66, with a robust 24-hour trading volume of $16,759,017,922.

Over the past 24 hours, the crypto asset has recorded a modest 0.04% increase in its value, while it has demonstrated a notable 2.03% gain over the past week.

Data sourced from CoinMarketCap revealed that Bitcoin's circulating supply currently stands at 19,611,731 BTC, solidifying its position as the world's largest cryptocurrency by market capitalization, which now totals an impressive $826,697,072,764.