BlackRock’s iShares Bitcoin Trust, known as IBIT, now dominates the US spot Bitcoin ETF space with nearly $64 billion in cumulative net inflows since these funds launched in January. What stands out isn’t just the size, it’s the direction. While IBIT has steadily drawn in new money, rival ETFs, including Grayscale’s GBTC and several others, have collectively lost more than $8 billion over the same period. In several recent sessions, IBIT accounted for the clear majority of net new ETF creations, while some peers recorded net outflows.
That gap shows institutions are not spreading Bitcoin ETF exposure evenly across the field. Instead of a broad-based rally lifting the whole category, the money is clustering in one vehicle, BlackRock’s. In market-structure terms, concentration in one fund can point to a preference for liquidity.
This is not just a story of generic Bitcoin optimism. It is also a market structure story: strong flows into IBIT have not translated into equally broad demand across the full ETF lineup.