BlackRock Dominates Bitcoin ETF Inflows as BTC Rises

US-listed spot Bitcoin exchange-traded funds recorded a seventh straight day of net inflows on April 23. 

The products added $335.8 million on the day, extending a strong run that started in mid-April. Over the full seven-day period, the funds brought in about $1.9 billion.

The latest streak came as Bitcoin price action improved. According to crypto.news data, BTC (BTC) briefly rose above $79,000 on Wednesday, reaching that level for the first time since late January. Over the last 30 days, Bitcoin has gained about 11%, showing stronger demand in both the spot market and ETF market.

BlackRock leads the latest stretch of ETF demand

BlackRock’s iShares Bitcoin Trust ETF, trading under the ticker IBIT, accounted for the largest share of the latest inflow streak. The fund attracted about $1.4 billion during the seven trading sessions, or more than 73% of total net inflows across US-listed spot Bitcoin ETFs.

IBIT now holds about 809,870 Bitcoin. That gives it roughly 62% of the total assets held by US-listed spot Bitcoin ETFs. The figures show that BlackRock remains the main driver of demand in the current ETF cycle as investors continue to move capital into regulated Bitcoin products.

Moreover, the Morgan Stanley Bitcoin Trust, listed under MSBT, also added to the recent run. The fund posted $95 million in inflows during the seven-day period. Since its launch on April 8, MSBT has recorded about $163 million in net inflows and has not yet posted a single day of outflows.

Not all products moved in the same direction. The Grayscale Bitcoin Trust ETF, or GBTC, led redemptions during the same period, with around $100 million in net outflows. That trend shows that while fresh money continues to enter the sector, some investors are still rotating out of older products.

Ether ETFs and market sentiment also improve

US-listed spot Ether ETFs also showed stronger demand. According to Farside data, those products posted a 10-day inflow streak totaling $633.6 million. The move followed a broader rise in ETH-related investment products, which recently turned positive on a year-to-date basis, according to CoinShares.

Market sentiment has also improved, though caution remains. The Crypto Fear & Greed Index rose to 46, its highest reading since late January. Even so, the index remains in “fear” territory. Bitcoin is still down about 11% since the start of the year, even after the latest price rebound and ETF inflow streak.