BlackRock is steering the latest wave of demand for spot Bitcoin ETFs as BTC rallies.
US-listed spot Bitcoin ETFs logged a seventh consecutive day of net inflows on April 23, adding $335.8 million on the day and roughly $1.9 billion over the seven-day stretch that began in mid-April. The inflow streak coincided with improved Bitcoin price action: BTC briefly topped $79,000 on Wednesday — its highest level since late January — and is up about 11% over the last 30 days.
Leading the charge was BlackRock’s iShares Bitcoin Trust (IBIT), which captured roughly $1.4 billion of the week’s inflows — more than 73% of total net fresh capital into US-listed spot Bitcoin ETFs. IBIT now holds about 809,870 BTC, representing roughly 62% of all assets held by US-listed spot Bitcoin ETFs, underscoring BlackRock’s dominant role in the current ETF-driven market cycle.
Morgan Stanley’s newly launched Bitcoin Trust (MSBT) also drew meaningful interest, posting $95 million in inflows during the seven-day period. Since its April 8 debut, MSBT has accumulated about $163 million and hasn’t recorded a single day of outflows.
Not every product benefited: Grayscale’s GBTC led redemptions over the same window with roughly $100 million in outflows, highlighting a rotation of capital away from some legacy trusts even as overall sector inflows continue.
Demand in Ether products is picking up too. US-listed spot Ether ETFs extended a 10-day inflow streak totaling $633.6 million, according to Farside, joining a broader uptick in ETH investment products that have recently turned positive year-to-date, per CoinShares.
Market sentiment has lifted but remains cautious. The Crypto Fear & Greed Index climbed to 46 — its highest reading since late January — yet still sits in “fear” territory. Despite the rebound and ETF inflows, Bitcoin remains about 11% below its level at the start of the year.
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