IBIT Sheds $40M as Rival Bitcoin ETFs Drive $221.7M Inflow, Ending 10-Day Skid

U.S.-listed spot Bitcoin ETFs recorded $221.7 million in net inflows on Thursday, their largest single-day haul in two months, according to data from SoSoValue. The inflow ended a 10-day outflow streak that had drained $2.73 billion from the funds, but the composition of Thursday’s rebound suggests the recovery may be more fragile than the headline figure implies.

Notably, BlackRock’s IBIT, the largest and typically most dominant spot Bitcoin ETF, did not participate in the reversal. The fund posted a $40.43 million outflow on the same day the broader category turned positive.

Second-tier funds carry the rebound

Instead of IBIT, the inflows were driven by Fidelity’s FBTC, which led with $165.96 million, followed by ARK Invest’s ARKB with $91.84 million. VanEck’s HODL added a further $4.35 million, according to the SoSoValue data cited in the report.

Combined, those three funds’ inflows outweighed IBIT’s outflow enough to push the entire category into positive territory for the day, arriving at the net $221.7 million figure.

Why IBIT’s absence matters

On days when institutional buying is driving the spot Bitcoin ETF complex, IBIT has historically absorbed the bulk of positive flows — typically between 70{d19616a33d455f7215be86882b84de16bc0d6d703bafb84e8d0ba56683c22428} and 90{d19616a33d455f7215be86882b84de16bc0d6d703bafb84e8d0ba56683c22428} of net inflows on strong days, according to the report. Thursday’s pattern broke from that norm entirely.

With FBTC and ARKB running hot while BlackRock’s product bled capital, the setup looks less like a coordinated institutional re-entry and more like tactical positioning or retail-driven reaccumulation, according to the analysis in the report.

The distinction matters for traders trying to gauge whether the 10-day outflow streak marked a genuine low point in institutional demand or merely a pause before further selling. A rebound led by IBIT would typically signal renewed conviction among the large allocators who have driven much of the spot Bitcoin ETF category’s growth since launch. A rebound led by smaller funds, without BlackRock’s participation, leaves that question open.

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