Since its January 2024 launch, BlackRock’s iShares Bitcoin Trust (IBIT) has attracted $63.93 billion in net inflows, while every other US spot Bitcoin fund has recorded $8.42 billion in net outflows. This dynamic gives IBIT a 115.2% share of category net inflows, meaning the fund has not only retained all US market flows but also offset massive redemptions from its competitors. Grayscale Bitcoin Trust (GBTC) accounts for the bulk of those outflows with $27.65 billion in net redemptions since its ETF conversion. The remaining $19.23 billion represents combined inflows from Fidelity and other smaller issuers, still three times less than IBIT’s intake. This extreme concentration around BlackRock’s brand, liquidity, and access channels makes IBIT the primary entry point for US institutional capital into Bitcoin, with a structure that provides an informal backstop appearance without any mandate or guaranteed reserve.
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