- BlackRock’s IBIT took in $2.4 billion during April.
- The entire exchange-traded fund market accounted for $3 billion.
- IBIT has more than 50% share of the ETF market.
BlackRock’s Bitcoin ETF isn’t just winning the race — it’s lapping the competition.
In April, BlackRock’s IBIT fund hauled $2.45 billion, capturing around 80% of the entire $3 billion that flowed into Bitcoin ETFs.
Just this week, BlackRock was the only ETF provider to post positive numbers.
On Monday, IBIT investors accumulated $972 million in Bitcoin, while on Tuesday they added $217 million, according to JPMorgan.
Every other firm suffered outflows.
BlackRock’s supremacy over the market comes just as Donald Trump’s trade war with China sends shock waves through traditional asset classes.
Investors have been scrambling for uncorrelated alternatives that can weather geopolitical instability — favouring gold and Bitcoin.
Indeed, Bitcoin has shown resilience during the recent market turmoil — rising about 13% in the past month while equities struggled and the dollar tumbled.
Bitcoin is down 1.3% in the past 24 hours, and trades at about $94,000.
Bitcoin is “decoupling” from tech stocks, a narrative echoed by CNBC anchor, Scott Wapner, during Monday’s “Fast Money Halftime Report.”
Concentration of capital
There are several factors driving the overwhelming concentration of capital.
First, BlackRock is the world’s largest asset manager with more than $12 trillion under management, creating a self-reinforcing network of liquidity.
Some of BlackRock’s top brass have also become de facto ambassadors for Bitcoin adoption.
“If you zoom out, you tend to see the longer term fundamental thesis of Bitcoin really drives it to behave differently to traditional assets,” Jay Jacobs, BlackRock’s head of US equity said last week.
“Crypto over the long run is decoupled from tech stocks,” he said.
And on Monday, the firm’s CIO of ETF and Index Investments, Samara Cohen, said “institutional investors are largely focused on Bitcoin, particularly in this environment.”
Since they launched in January 2024, Bitcoin ETFs have broken records. They hold 1.1 million Bitcoin, worth $106 billion.
One ETF to rule them all
Much like Bitcoin, which commands roughly 62% of the cryptocurrency market value, BlackRock is the overarching leader of the ETF landscape.
The firm commands 50% market share with $53 billion in Bitcoin under management, according to Dune Analytics.
Fidelity Digital Assets lands in second place with $18 billion, and 17% market share.
Grayscale rounds out the top three, accounting for 16% of the market with $17 billion in Bitcoin under management.
Crypto market movers
- Bitcoin is down 1.3% in the past 24 hours to $94,192.
- Ethereum is down 2.4% over the same time period to trade for $1,782.
What we’re reading
Pedro Solimano is a markets correspondent based in Buenos Aires. Got a tip? Email him at psolimano@dlnews.com.
