BlackRock IBIT Bitcoin ETF Enters List of Top 10 S&P 500 ETFs

BlackRock’s IBIT Bitcoin ETF has cracked the top 10 list of U.S. ETF inflows. The capital influx comes amid geopolitical tensions as investors might be seeking a hedge against uncertainties.

BlackRock’s IBIT Enters Top 10 U.S. ETFs List

The most recent weekly flow table reveals that BlackRock Bitcoin ETF was the ninth-largest U.S.-listed ETF. It saw weekly inflows of approximately $993.75 million. It joins the ranks of major equity offerings tracking the S&P 500 such as Vanguard S&P 500 ETF (VOO) and SPDR S&P 500 ETF Trust (SPY) that took the top positions.

James Seyffart, a Bloomberg ETF analyst, pointed to the bigger picture. He said that the U.S. ETFs saw more than $35.39 billion in weekly inflows, with the top three spots occupied by S&P 500-based funds. He characterized the market conditions as a “risk-on rally” with investors chasing equities and growth strategies.

The same data reveals the appetite for exposure to growth and technology. The fourth-place ARK Innovation ETF (ARKK) received more than $1.23 billion in inflows.

It was followed by the Technology Select Sector SPDR Fund (XLK) in fifth place, with more than $1.12 billion. There was also considerable interest in broad market funds such as the Vanguard Total Stock Market ETF (VTI) and Vanguard Total World Stock ETF (VT).

In this context, it is notable that BlackRock’s IBIT made the top 10 list. It offers direct exposure to Bitcoin, unlike traditional stock ETFs. However, it faces renewed competition as Morgan Stanley also launched its Bitcoin ETF.

Bitcoin ETFs Gain Momentum

The above-mentioned trend is reflected in the flow data. Farside Investors data shows that IBIT registered inflows of $167.5 million on April 23. It brings the total daily net inflow of Bitcoin ETFs to $223.3 million on Thursday. Looking at longer time frames, the fund has seen more than $2.43 billion in inflows over the past three months.

Furthermore, BlackRock’s BTC ETF raked in over $65.3 billion inflows since inception, which depicts strong long-term demand. Also, it’s important to note that Bitcoin ETFs saw almost $1 billion in net inflows last week with IBIT commanding the lead. Meanwhile, XRP ETFs are also gaining traction amid crypto ETF industry’s success.