BlackRock’s $970M Bitcoin ETF Buy Sparks Renewed Institutional Momentum
Massive inflow signals institutional strength as ETFs drive over $3B into Bitcoin in one week
BlackRock’s iShares Bitcoin Trust (IBIT) ETF purchased $970 million worth of Bitcoin on April 28, marking its second-largest daily inflow since inception. This move reinforces a growing institutional presence in the digital asset space, and analysts argue it provides “structural support” for Bitcoin’s continued price resilience.
IBIT Leads the Market as Inflows Accelerate
According to data from SoSoValue, the April 28 inflow trails only the $1.12 billion IBIT absorbed on November 7, 2024. These significant inflows brought total net inflows for U.S. spot Bitcoin ETFs to over $590 million, even as most competitors experienced net outflows. ARK Invest’s ARKB recorded the largest single-day outflow at $226 million.
“Nearly $1 billion into iShares Bitcoin ETF today… second-largest inflow since January 2024 inception,” noted Nate Geraci, president of ETF Store.
BlackRock’s IBIT now holds over $54 billion in assets under management, accounting for 51% of total market share across U.S. spot Bitcoin ETFs. This positions IBIT as the 33rd-largest ETF globally, spanning both crypto and traditional asset classes, based on data from ETF Database and Dune Analytics.
ETF Inflows Bolster Bitcoin Price Amid Weak Retail Interest
The past week’s ETF activity contributed to Bitcoin recovering above $94,000, with over $3 billion in cumulative net inflows across spot Bitcoin ETFs — the second-highest weekly investment total since their January 2024 debut. Analysts credit institutional flows for much of Bitcoin’s price momentum, while noting that retail investor interest remains limited.
“ETF inflows into spot Bitcoin products topped $3 billion last week… providing structural support that could fuel further upside,” said Iliya Kalchev, analyst at Nexo.
Historical patterns support this view: in February 2024, ETFs were estimated to drive 75% of all new Bitcoin investment as the asset regained the $50,000 level.
Conclusion: Institutional Support Continues to Drive Bitcoin’s Growth
The scale and consistency of BlackRock’s ETF purchases reflect an evolving dynamic in Bitcoin markets. Institutional vehicles like IBIT are no longer marginal — they are central to price stability and appreciation. As ETF-driven demand grows, Bitcoin’s long-term trajectory may become increasingly anchored by these regulated, high-volume instruments.
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