Bitcoin ETFs posted inflows for a second week. BlackRock took $204M while every other fund bled.
The recovery has a single engine. BlackRock's IBIT took more last week than the entire Bitcoin ETF market netted.
CryptoVibe Desk · bitcoin · etf · blackrock
- →US spot Bitcoin ETFs posted $75.67M in net inflows last week, the second positive week after eight straight outflow weeks, per CryptoSlate.
- →BlackRock's IBIT pulled in roughly $204M on its own. Every other spot Bitcoin ETF posted net outflows in aggregate.
- →A $2.3B stablecoin drain from Binance and Bybit, plus oil above $91, leaves less cash to push Bitcoin above $65,000.
- spot Bitcoin ETF → A fund listed on a US stock exchange that holds actual Bitcoin, so buyers get exposure without using a crypto wallet.
- stablecoins → Crypto tokens pegged to one US dollar, often used as exchange cash before traders buy Bitcoin or other assets.
- leveraged longs → Bullish trades made with borrowed money. If price falls too far, exchanges can force them to close.
US spot Bitcoin ETFs pulled in $75.67M last week, per CryptoSlate. That is the second positive week in a row after eight straight weeks of outflows.
Those eight weeks removed more than $8B from the market. The two-week recovery total is $273M, also per CryptoSlate. That is roughly 3% of what left.
IBIT tells the real story. BlackRock's fund attracted roughly $204M last week, according to CryptoSlate. The whole market netted $75.67M. That means every other spot Bitcoin ETF posted net outflows in aggregate.
IBIT did not just lead the recovery. IBIT is the recovery. The rest of the market is still in outflow.
That is the consolidation story. Smaller funds are losing assets. BlackRock is absorbing them.
There is also a macro headwind. Binance and Bybit saw roughly $2.3B in stablecoin withdrawals over the past 30 days, according to CryptoSlate's own data. Stablecoins on exchanges are cash traders can use to buy Bitcoin. When they leave, buying power gets thinner.
Bitcoin has held at $64,000 to $65,000 this week. The support that matters is lower. Leveraged longs are clustered at $55,000 to $57,000, per CryptoSlate. If Bitcoin loses $60,000 to $61,000, that cluster becomes the target.
Oil crossed $91 per barrel this week on US-Iran tensions over the Strait of Hormuz. US CENTCOM confirmed nine consecutive evenings of strikes against Iran as of Sunday. No LNG tanker has crossed the Strait since last Thursday, per Reuters vessel data. Rising oil lifts dollar demand and pressures crypto buying. If you're holding Bitcoin right now, that is the macro your bag is sitting inside.
Two weeks of ETF inflows is real. It is also 3% of a hole. IBIT's $204M is the only number that matters this week. The rest of the market has not confirmed anything yet.
Fidelity and Ark are letting IBIT turn a weak ETF rebound into a BlackRock land grab. Waiting on fees leaves their funds fighting for leftovers while the flow tape keeps naming one winner.
Watch for IBIT's share of total US spot Bitcoin ETF net assets to cross 50% within the next 60 days. That would confirm consolidation is structural, not a temporary rotation.
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