BlackRock's IBIT Single-Handedly Reversed Monday's Bitcoin ETF Outflow Streak

US spot bitcoin ETFs returned to inflows on Aug. 31, but the rebound was really a BlackRock story.

Spot bitcoin ETFs flipped back to net inflows on Monday, Aug. 31. One red session had broken their nine-day run. It didn't last long. Cointelegraph, citing SoSoValue, put Monday's net intake at $216.7 million, following a $201.8 million outflow on Friday that ended a stretch of more than $3 billion in inflows. Farside Investors data showed where the money came from: BlackRock's iShares Bitcoin Trust, known as IBIT, supplied $205.9 million of the rebound. Bitcoin traded near $78,700, up about 1.5% on the day, according to CoinGecko.

That's one fund doing the work.

The rest of the table was almost static. Fidelity's FBTC added $6.9 million, Bitwise's BITB brought in $4.3 million, Grayscale's Bitcoin Mini Trust took in $9.4 million, and Morgan Stanley Bitcoin Trust added $3.6 million. VanEck's HODL fund was the only outflow, losing $13.4 million. ARK's ARKB and several other products printed zero. Add it up and you get a category that looks healthy at the top line, but depends heavily on a single BlackRock product to make the daily number look strong.

IBIT is setting the pace

This isn't new. It's the pattern that has defined the US spot bitcoin ETF market since the first products began trading in January 2024. IBIT has become the biggest and most traded spot bitcoin ETF, and BlackRock says on its own product page that the fund has been the most traded bitcoin exchange-traded product since launch. Nasdaq said IBIT options traded 353,716 contracts on their first day in November 2024, placing them in the top 1% of all options products traded that day.