The BlackRock Bitcoin ETF (IBIT) welcomed a significant inflow of $192 million on Thursday, surpassing the Grayscale Bitcoin Trust (GBTC) outflows that reached $125 million.

The surge in inflows has boosted Blackrock's IBIT Bitcoin ETF, outpacing GBTC's outflows, while Spot Bitcoin ETFs have seen positive flows for the second consecutive day after a slow start this week. The 11 BTC ETFs have accounted for a total influx of $91.3 million.

BlackRock Bitcoin ETF Covers All GBTC Outflows

With GBTC experiencing outflows of $124.9 million on Thursday, Blackrock's IBIT saw substantial inflows of $192.1 million, as per Farside UK data. This effectively offset GBTC's negative flows, suggesting a growing preference among investors for Blackrock's ETF due to its perceived advantages or market dynamics.

Grayscale's GBTC reserves have decreased to 314K BTC, down from an initial reserve of 619K BTC, indicating a 50% decline. Meanwhile, BlackRock's Bitcoin ETF has continued to acquire BTC, holding 269K tokens.

The Fidelity Wise Bitcoin ETF (FBTC) experienced a significant drop in inflows, with only $4.8 million, compared to double the flows from IBIT on Wednesday, with $76.3 million net inflows.

Meanwhile, the Bitwise Bitcoin ETF (BITB) recorded an inflow of $11.1 billion, while the Valkyrie Bitcoin Fund (BRRR) saw an inflow of $8.3 million after days of zero net flows.

Bitcoin Price Remains Steady Above $70K

Bitcoin's price has remained relatively stable, with sideways movement in anticipation of the upcoming halving event, which is just 7 to 8 days away. The market has also seen a slowing pace of block production following a recent difficulty adjustment.

As of Friday, April 12, Bitcoin's price increased by 0.27% to $70,910.13, with a market valuation of $1.39 trillion. However, the trading volume for BTC decreased by 18.99% to $30.20 billion in the last 24 hours. Due to heightened volatility, BTC failed to maintain the $71,000 level.

The resurgence in Bitcoin ETF inflows has caused increased volatility in BTC, with long liquidations of $18.38 million in 24 hours, as per Coinglass data. However, shorts dominated, accounting for a massive $22.72 million liquidation.