Quick Take
Bitcoin ETFs saw $45 million in net inflows** on May 28, with **BlackRock’s IBIT** leading at **$102.5 million, pushing its total net inflows to $16.5 billion**. Fidelity’s FBTC followed with **$34.3 million ($8.7 billion cumulative). Meanwhile, **Grayscale’s GBTC** reported **$105.2 million in outflows, widening its net outflows to $17.7 billion**.
Key Milestones
- IBIT now holds 288,670 BTC, surpassing GBTC’s 287,450 BTC.
- ETFs accumulated 642 BTC on May 28 alone.
- Cumulative net inflows across all Bitcoin ETFs: $13.7 billion.
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Bitcoin ETF Flow Analysis (May 28)
| ETF | Inflows/Outflows | Total Net Flow | BTC Held |
|-----------|------------------|----------------|----------------|
| IBIT | +$102.5M | $16.5B | 288,670 BTC |
| FBTC | +$34.3M | $8.7B | 163,000 BTC |
| GBTC | -$105.2M | -$17.7B | 287,450 BTC |
Data sources: Farside, HeyApollo
Why IBIT’s Dominance Matters
- Investor Confidence: Reflects institutional trust in BlackRock’s product.
- Market Shifts: Signals a move from legacy GBTC to newer ETFs.
- Liquidity Impact: IBIT’s growth enhances Bitcoin’s tradable supply.
FAQ
Q: What caused GBTC’s outflows?
A: Higher fees (1.5% vs. 0.12–0.25% for rivals) and profit-taking by early investors.
Q: How does IBIT’s BTC holding compare to MicroStrategy?
A: MicroStrategy holds 214,400 BTC (as of May 2024)—still less than IBIT.
Q: Are Bitcoin ETFs affecting BTC’s price?
A: Yes. Consistent ETF demand creates upward pressure, offsetting sell-offs.
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Final Thoughts
The ETF race underscores Bitcoin’s maturing market. With IBIT setting new records, the focus now shifts to sustainability and broader adoption.