BlackRock’s iShares Bitcoin ETF shines amid sector outflows, expands to Canada

BlackRock’s iShares Bitcoin Trust (IBIT) emerged as a bright spot in an otherwise challenging period for US Bitcoin exchange-traded funds (ETFs), which saw their third consecutive day of net outflows on Jan. 13.

According to data from Farside, the Bitcoin ETF market recorded a total net outflow of $284.1 million. BlackRock’s IBIT stood out with a $29.5 million inflow, contrasting sharply with significant outflows from other ETFs.

On the other hand, Fidelity’s Bitcoin ETF (FBTC) led the losses with $113.6 million in outflows, while ARK’s Bitcoin ETF (ARKB) followed with $92.4 million. Grayscale’s GBTC saw outflows of $89 million, while $18.6 million exited Bitwise’s BITB. Other Bitcoin ETFs reported no activity for the day.

Over the past three trading days, cumulative outflows across the sector surpassed $1 billion. This trend indicates potential shifts in institutional investment strategies or evolving market sentiment around Bitcoin.

Notably, BTC’s price had declined to a two-month low of under $89,400 before recovering to $96,828 as of press time, according to CryptoSlate’s data.

IBIT expands to Canadian markets

BlackRock is extending its reach in the Bitcoin ETF space by launching its iShares Bitcoin ETF (IBIT) in Canada. This development follows the fund’s notable success in the United States.

According to a press statement, the Canadian rollout includes two versions of the ETF. One trades under the ticker IBIT on Cboe Canada, while a US dollar-denominated version is listed as IBIT.U. These ETFs offer investors exposure to Bitcoin by tracking its performance before deducting fund-related expenses.

The iShares Bitcoin ETF primarily invests in US-traded IBIT, which holds Bitcoin as long-term assets. This structure allows investors to access Bitcoin through traditional brokerage accounts without dealing with custody or operational challenges.

Helen Hayes, who leads iShares Canada, highlighted that the Canadian expansion reflects BlackRock’s commitment to making investments more accessible. She also noted that this launch provides a convenient and cost-efficient way for Canadian investors to gain Bitcoin exposure.

BlackRock’s decision to expand IBIT follows its exceptional performance in the US, where it achieved a top 1% ranking among ETFs by assets. Over the past year, IBIT has been recognized as one of the most successful ETF launches of the decade.

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