U.Today – Top investment asset manager BlackRock (NYSE:) remains a leader in its (BTC) acquisition game. On Friday, it pushed aside other spot Bitcoin ETF issuers, raising $292 million for the flagship digital currency.
Support from BlackRock and institutional investors
According to data provided by Farside Investors, inflows from BlackRock’s iShares Bitcoin Trust (IBIT) have reached almost $300 million. Notably, these inflows resulted in a pointed boost in the company’s cumulative net inflows to $23.98 billion. BlackRock has been the leader of the inflow for several days.
BlackRock’s Bitcoin ETF stood out on October 24, receiving the majority of inflows with $165.54 million.
This suggests growing investor confidence and interest in the company’s cryptocurrency ETF products. Compared to Grayscale, which set a sponsorship fee of 1.5%, BlackRock only charges 0.25%. This lower fee structure may be an advantage that makes IBIT more attractive to institutional and retail investors, especially those looking to balance cost efficiency and exposure.
Additionally, it reflects the commitment of institutional investors to capture a piece of the highly speculative cryptocurrency market through ETFs.
Fidelity gives way to IBIT BlackRock
The closest after IBIT BlackRock is FBTC Fidelity with inflows of $56.9 million. Notably, FBTC previously led the Bitcoin spot ETF market on October 14, with $239.3 million in inflows. On this particular day, BlackRock only saw inflows of $79.5 million, but it has remained a market leader since then.
On Friday, ARKB, owned by ARK 21Shares, recorded inflows of $33.4 million, while Invesco, Franklin Templeton, Valkyrie and WisdomTree recorded inflows of $0. Overall, the Bitcoin ETF ecosystem is growing at a rapid pace. Bitcoin ETFs are expected to exceed 1 million BTC in wallets to eclipse Satoshi Nakamoto.
The ETF’s total holdings represent 97% of its targeted BTC million, with BlackRock leading among issuers.
