BlackRock's IBIT Bitcoin ETF saw a significant increase of $192 million on Thursday, surpassing GBTC's outflows which reached $125 million. The increase in inflows for BlackRock's ETF is a sign that investors are showing more interest in it compared to Grayscale's GBTC. At the same time, Spot Bitcoin ETFs are also gaining momentum, with a total influx of $91.3 million from 11 BTC ETFs.

As GBTC faced outflows of $124.9 million on Thursday, BlackRock's IBIT experienced substantial inflows totaling $192.1 million, effectively balancing out GBTC's negative flows. This shift suggests a growing preference for BlackRock's ETF among investors, possibly due to perceived advantages or changing market dynamics. While GBTC's reserves have decreased significantly to around 314,000 BTC, BlackRock's ETF has continued to accumulate more BTC, now totaling 269,000 tokens.

Despite a slow start with only 228 BTC, BlackRock's IBIT has vastly increased its BTC reserves, showcasing its growth. On the other hand, Fidelity Wise Bitcoin ETF saw a decrease in inflows to $4.8 million, while Bitwise Bitcoin ETF recorded an inflow of $11.1 billion. The Valkyrie Bitcoin Fund also saw an influx of $8.3 million after previously experiencing days of no net flows.

The price of Bitcoin has remained relatively stable above $70,000, with sideways movement in preparation for the upcoming halving event. The market has also noted a slowdown in block production after a recent difficulty adjustment. At the time of writing, Bitcoin is up by 0.27% to $70,910.13 with a market valuation of $1.39 trillion. The trading volume for BTC has decreased by 18.99% to $30.20 billion in the last 24 hours, as Bitcoin struggles to stay above $71,000.

While Bitcoin ETF inflows are on the rise, the cryptocurrency market is experiencing increased volatility due to conflicts between long and short positions. In the past 24 hours, Bitcoin saw long liquidations of $18.38 million and short liquidations of $22.72 million, according to Coinglass data.