BlackRock’s spot Bitcoin ETF saw a significant $231.6 million inflow on Friday, marking a sharp reversal after two days of heavy outflows. This shift occurred as Bitcoin’s price rebounded from a brief dip to $60,000, with the broader ETF market also seeing collective inflows. The week highlighted extreme volatility, with the BlackRock fund experiencing record trading volume alongside its second-largest single-day price decline since launch.
BlackRock’s iShares Bitcoin Trust (IBIT) attracted $231.6 million in inflows on Friday. This followed two consecutive days of outflows totaling $548.7 million according to Farside data.
Preliminary figures showed nine U.S. spot Bitcoin ETFs collectively gained $330.7 million. This ended a three-day streak of total outflows worth $1.25 billion.
Bitcoin’s price has declined 24.30% over the past 30 days. It was trading at $69,820 at the time of publication according to CoinMarketCap.
On Thursday, IBIT “crushed its daily volume record,” with $10 billion worth of shares trading hands, according to Bloomberg ETF analyst Eric Balchunas.
Balchunas added that IBIT dropped 13% that day, its second-worst daily price drop since launching. Its largest decline was 15% on May 8, 2024.
However, the fund rebounded 9.92% on Friday, closing at $39.68. ETF analyst James Seyffart noted that Bitcoin ETF holders are facing paper losses of around 42% with Bitcoin below $73,000.
Seyffart stated the recent outflows still pale compared to inflows at the market’s peak. Before the October downturn, spot Bitcoin ETF net inflows were around $62.11 billion, which has now fallen to about $55 billion.
