BlackRock’s exchange-traded fund (ETF) bought nearly $1 billion worth of Bitcoin on behalf of its clients on April 28, with continued inflows providing “structural support” for Bitcoin’s price appreciation, according to market analysts.

BlackRock’s iShares Bitcoin Trust (IBIT) ETF bought $970 million worth of Bitcoin (BTC) on April 28, its second-largest day of inflows on record after scooping up $1.12 billion of BTC on Nov. 7, 2024, Sosovalue data shows.

IBIT ETF Inflows, all-time chart. Source: Sosovalue 

IBIT’s near $1 billion investment brought total net inflows to US spot BTC ETFs to just above $590 million, with all other ETFs realizing net negative outflows or remaining flat. ARK Invest’s ARKB ETF recorded the highest outflows of $226 million.

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“Nearly *$1bil* into iShares Bitcoin ETF today.. 2nd largest inflow since Jan 2024 inception. I still remember when there was “no demand,” Nate Geraci, the president of ETF Store advisory firm, wrote in an April 29 X post.

BlackRock’s IBIT is the largest spot BTC ETF, with over $54 billion in assets under management, accounting for 51% of the total spot BTC ETF market share, Dune data shows.

Bitcoin ETFs by market share. Source: Dune

The latest inflows make IBIT the world’s 33rd-largest ETF among crypto and traditional finance-based ETFs, according to data from ETF Database.

Last week’s “ETF inflows and croproate buying” have been significant for Bitcoin’s recovery above $94,000, as retail investor interest continued to lag, Ryan Lee, chief analyst at Bitget Research, told Cointelegraph.

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ETFs provide “structural” support for Bitcoin rally

Bitcoin’s recovery over the past week was aided by over $3 billion worth of cumulative net inflows for the US spot Bitcoin ETFs, marking their second-highest week of investments since launch.

The Bitcoin price posted its “strongest weekly gain since Trump’s election victory, but signs suggest another move could be brewing,” according to Nexo dispatch analyst Iliya Kalchev.

“ETF inflows into spot Bitcoin products topped $3 billion last week — the highest since November — providing structural support that could fuel further upside,” the analyst told Cointelegraph.

Bitcoin investments have previously been a significant driver of Bitcoin’s upside momentum. Bitcoin ETFs accounted for an estimated 75% of new investment into Bitcoin when it recaptured the $50,000 mark in February 2024, a month after the debut of the US spot Bitcoin ETFs.

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