BlackRock’s iShares Bitcoin Trust returned to net creations on October 26, attracting approximately $110.3 million after two consecutive sessions of withdrawals. According to Farside Investors’ Bitcoin ETF flow tracker, IBIT supplied the entire positive flow recorded across U.S. spot Bitcoin ETFs during the session, while every other tracked product finished with no reported net creation or redemption.
The reversal followed substantial withdrawals from BlackRock’s fund late in the previous week. IBIT lost $254.1 million on October 22 and another $110.3 million on October 23 before recovering roughly the equivalent of Friday’s redemption on Monday. The October 22 session had already produced a $635.6 million market-wide ETF outflow, demonstrating how quickly creations and redemptions have changed direction this month.
IBIT Again Drives the Entire Daily Move
BlackRock’s dominance of the October 26 session mirrors another recent reversal. On October 19, IBIT attracted $665.2 million while Fidelity’s FBTC and Grayscale’s GBTC recorded combined withdrawals of $138.5 million, leaving the overall market with $526.7 million in net inflows. IBIT has repeatedly been large enough to determine the direction of aggregate daily Bitcoin ETF flows even when other funds move differently.
That concentration should not be treated as evidence that all Bitcoin ETF investors are moving together. Earlier periods have shown much broader participation, including the $999 million inflow session in September when BlackRock, Fidelity and ARK 21Shares all recorded substantial creations. A positive aggregate ETF number can therefore represent either widespread demand or activity concentrated almost entirely in one product.
Separate market data for October 26 put total U.S. spot Bitcoin ETF trading volume at approximately $1.86 billion. IBIT accounted for about $1.38 billion, followed by FBTC at $217.4 million and GBTC at $81.24 million. Trading volume measures the value of shares changing hands and should not be confused with net inflows, which reflect creations and redemptions in the underlying fund structure.
Bitcoin ETF Assets Remain Above $100B
A separate end-of-session ETF snapshot placed aggregate net assets near $102.84 billion, with IBIT holding approximately $64.8 billion, FBTC about $14.05 billion and GBTC roughly $10.01 billion. BlackRock therefore controls well over half of the category’s net asset value, reinforcing its disproportionate influence on both trading activity and daily flow headlines.
The asset figures also need to remain separate from cumulative flow data. Farside currently calculates approximately $57.36 billion in cumulative net inflows since U.S. spot Bitcoin ETFs began trading, while other trackers place the figure slightly lower. Net assets incorporate Bitcoin price movements as well as investor flows, so the roughly $103 billion asset base does not represent $103 billion of net capital contributed by ETF investors.
Recent history also shows why one positive session is insufficient to establish a sustained flow trend. Bitcoin ETFs recorded a second consecutive outflow day earlier in October before repeatedly switching between large creations and redemptions later in the month. The October 26 result ends IBIT’s two-session withdrawal streak but does not yet establish another multi-day inflow run.
The clearest development is that BlackRock alone generated $110.3 million of net Bitcoin ETF creations on October 26 after losing $364.4 million across the previous two sessions. Whether that reversal develops into broader demand will depend on subsequent sessions and whether other funds begin contributing positive flows rather than remaining flat.