Key Takeaways
- BlackRock's IBIT pulled in $970.9 million on Monday, its second-largest daily inflow.
- Competing ETFs from Fidelity, ARK, and Bitwise saw major capital outflows.
- CME Bitcoin Futures open interest has dropped four straight days as basis yields rise.
The iShares Bitcoin Trust (IBIT) from BlackRock recorded $970.9 million in net inflows on Monday, its second-largest daily intake since launching in January 2024, according to Farside data.
Rival ETFs experience redemptions
Of that total, $591.2 million came in as new capital.
The surge came as rival ETFs posted significant redemptions—Fidelity’s FBTC lost $86.9 million, ARK’s ARKB shed $226.3 million, and Bitwise’s BITB dropped $21.1 million.
IBIT’s continued dominance
Since April 22, IBIT has pulled in over $4.5 billion in net inflows, bucking trends across other funds and solidifying its dominance.
The wave of capital has coincided with a 7.2% increase in bitcoin’s price over the past week, now trading near $94,900.
Nate Geraci, President of The ETF Store, said:
Nearly $1 billion into iShares Bitcoin ETF today… Second-largest inflow since January 2024 inception. I still remember when there was ‘no demand’.
Derivatives market activity
Meanwhile, activity in derivatives has slowed. Open interest on CME Bitcoin Futures has declined for four consecutive days, falling to 132,750 BTC.
However, the annualized basis yield—key to the profitability of basis trades—has climbed from 5% to around 8–9%, potentially signaling a rebound.
Eric Balchunas, Senior ETF Analyst at Bloomberg, commented:
ETFs are in two-steps-forward mode after taking one step back, exactly the pattern we predicted.
