The introduction of Spot Bitcoin ETFs has led to a surge in trading volumes, propelling Bitcoin prices to unprecedented levels. While this period of growth has been exhilarating, it was not anticipated to be sustained indefinitely. Recent trends show a slight recovery, but net inflows have remained relatively stable. So, what is the current status of BlackRock in this scenario?

BlackRock's BTC ETF Ventures

BlackRock, a major player in the financial industry, has initiated the inclusion of BTC ETFs in two of its managed funds, as per filings with the U.S. Securities and Exchange Commission. BlackRock acquired its own BTC ETF, IBIT, with purchases totaling $3.6 million from the BlackRock Strategic Income Opportunities fund and $400,000 from the BlackRock Strategic Global Bond fund.

The IBIT exchange-traded fund by BlackRock has attracted more inflows than any other fund since the inception of ETF trading in January. It is poised to surpass BlackRock in terms of total reserves this week. Reports indicate that numerous companies have diversified their investment portfolios with various Bitcoin ETFs, notably IBIT, reflecting a level of demand that even outshines the initial launch period of Gold. The two funds acquiring the IBIT ETF are overseen by Rick Rieder, the firm's global fixed income CIO.

Current Status of Spot Bitcoin ETFs

Spot Bitcoin ETFs have been witnessing consistent net inflows since May 13. Sales on the GBTC front have largely slowed down, and with the backing of net inflows, overall inflows have remained positive. Data from May 24 reveals an inflow of $251 million, marking the strongest figure since May 16.

Total inflows into all spot Bitcoin ETFs have reached $13.6 billion, showing occasional fluctuations but continuing to set new records regularly. GBTC has experienced outflows of $17 billion to date, while IBIT has seen inflows of $16.3 billion. The Fidelity fund has recorded net inflows of $8.7 billion.