This week was a busy week for the cryptocurrency world, especially on Monday and Wednesday. During those two days, the price of BTC broke its own all-time highs several times. This activity was reflected in the capital flows into Bitcoin spot ETFs, which closed the week with solid positive numbers.
According to data from the Trading Different portal , these stock market products saw inflows of $2.337 billion dollars this week. This figure was reached particularly during the first three days. Meanwhile, during Thursday and Friday there were significant withdrawals. In these last two days combined, $588 million dollars left the market.
The slowdown in capital inflows into these funds was matched by BTC's failure to set new highs on Thursday. In any case, among these ETFs, BlackRock's IBIT fund deserves special mention. Despite the sector's decline as a whole over the past two days, IBIT experienced positive inflows throughout the week.
The latter highlights the enormous confidence of Wall Street investors in this financial firm (BlackRock) and its products. It can be said that the rest of these funds and even, to a certain extent, the price of BTC itself depend on this Bitcoin ETF.
BlackRock's Bitcoin ETF remains the strongest
While BTC spot ETFs closed the week with positive and negative numbers (to a lesser extent), there were no red numbers at all for IBIT. Thus, on Thursday, when the group experienced outflows of $395.40 million, the IBIT ETF received $126.50 million. Likewise, on Friday the group experienced outflows of $192.60 million, while IBIT saw inflows of $130.40 million.
On the other hand, during the days when the sector had positive numbers overall, the figure of IBIT was absolutely dominant. In the image above, you can see at a glance the space of the BlackRock ETF in the first three days (purple color).
Meanwhile, in terms of daily volume in these funds, the presence of IBIT is also noticeable. In the image below, with the same color, you can see how this product overshadows the rest of its competitors.
Of the $21.231 billion traded in the week, $14.578 billion moved in BlackRock's Bitcoin ETF. This is equivalent to no less than 68.66% of the total volume traded in these 5 days of the week.
Finally, it is worth noting that BTC spot ETFs comfortably maintain their lead as the category with the largest amount of bitcoins in possession, with 48.6%. This list includes private companies with 13.9%, publicly traded companies with 14.5% and countries with 14.4%.
