BlackRock’s iShares Bitcoin Trust (IBIT) dominated U.S. spot Bitcoin ETF inflows with $275.8 million on Thursday, leading a three-day institutional buying surge of over $1 billion. While data indicates a rotation from competing funds into IBIT, Bitcoin continues to face resistance near $68,000, where large sell orders are clustered.
BlackRock‘s iShares Bitcoin Trust (IBIT) recorded $275.8 million in net inflows on Thursday, leading U.S. spot Bitcoin ETF demand according to SoSoValue data. The allocation followed Wednesday’s strongest institutional buying session in nearly two weeks, reinforcing IBIT as a primary platform for direct Bitcoin exposure.
On the same day, Arkham data shared by Lookonchain showed 4,309 BTC worth about $289.6 million moving from Coinbase Prime to IBIT custody addresses. These transfers came in four separate transactions of roughly $20 million each, along with a smaller $7.3 million move.
While IBIT saw massive inflows, competing products experienced outflows, with Fidelity’s FBTC seeing $51.5 million and ARK 21Shares’ ARKB seeing $44.9 million leaving. Bitwise’s BITB gained $69 million, indicating a rotation of liquidity from competing products into BlackRock‘s dominant ETF.
The total net inflows to U.S. spot Bitcoin ETFs remain high at $54.83 billion. Institutions continue to maintain strong Bitcoin ETF exposure amid this short-term reallocation of capital among the funds.
Over the last three trading days, U.S. spot Bitcoin ETFs recorded total inflows of over $1.02 billion, according to SoSoValue data. This represents a reversal from multiple weeks of net outflows and indicates asset managers are buying once again.
Bitcoin currently trades around $66,600, down approximately 2.5% from the previous day’s price according to CoinMarketCap. ETF Analyst Nate Geraci stated on X that institutional investors are “buying the dip” during the recent downturn.
Whale tracking data shows large sell orders clustered near $68,000, a level where Bitcoin has faced repeated rejections. The short-term market structure shows some traders continue to build sell orders at that price level.
