BlackRock’s IBIT ETF Sees Near-Record Bitcoin Inflows

BlackRock’s iShares Bitcoin Trust ETF (IBIT) added $970.9 million on Monday, its second-largest daily inflow since its launch in January 2024. The surge came as competitors like Fidelity’s FBTC and ARK’s ARKB suffered heavy outflows, pushing IBIT’s dominance to over 51% of the U.S. spot Bitcoin ETF market.

"Nearly $1 billion into iShares Bitcoin ETF today... The second-largest inflow since January 2024 inception," said Nate Geraci, president of The ETF Store. Following the influx, Bitcoin climbed to $94,900, marking a 7.2% rise over the past week.

The inflows helped stabilize Bitcoin’s rally while derivatives markets told a different story, with CME Bitcoin Futures open interest falling four days straight. Analysts attribute the contrasting flows to basis trading dynamics, with Velo data showing annualized yields rising to nearly 9% in April.

IBIT’s continued buying spree highlights how ETFs are providing "structural support" for Bitcoin’s recovery, as over $3 billion poured into spot Bitcoin products last week alone. With IBIT now among the top 35 largest ETFs globally, institutional momentum appears poised to drive the next leg of Bitcoin’s advance.

Base Reaches "Stage 1" in Rollup Decentralization

Ethereum Layer 2 network Base announced on April 29 that it has reached “stage 1” decentralization per Vitalik Buterin’s rollup framework. This milestone comes after implementing permissionless fault proofs and forming a security council with multisig governance across 10 independent entities. The upgrade reduces Coinbase’s control over the upgrade process and network infrastructure.

Base launched in 2023 using Optimism’s OP Stack and has grown into Ethereum’s largest Layer 2 by total value locked. Its transition from stage 0 includes support for fraud-proof mechanisms that let anyone challenge suspicious withdrawals. Developers now have assurances against unilateral rule changes, as protocol upgrades require 75% consensus from the decentralized council.

SEC Delays ETF Decisions for XRP and Dogecoin

The U.S. Securities and Exchange Commission postponed decisions on proposed ETFs for XRP and Dogecoin, according to filings posted April 29. Bitwise's Dogecoin ETF decision was delayed to June 15, while Franklin Templeton's XRP Fund was pushed to June 17. The SEC said more time is needed to evaluate the rule changes and market implications.

The delays come as firms ramp up crypto ETF filings under a friendlier regulatory climate since President Trump took office. New SEC Chair Paul Atkins has expressed openness to digital assets and emphasized collaborative rulemaking. Final deadlines for most pending ETF applications stretch into October, according to Bloomberg analyst James Seyffart.

Mastercard Expands Stablecoin Use for Global Payments

Mastercard announced that it is integrating stablecoins into its payment network, allowing customers to spend and merchants to receive USDC and other digital dollars. Consumers will be able to use traditional Mastercard cards linked to stablecoin wallets at over 150 million locations. Funds can also be withdrawn into bank accounts using the new Mastercard Move service.

The company is partnering with exchanges like OKX and stablecoin issuers Circle and Paxos to support the initiative. Mastercard’s approach includes API integrations and collaborations with crypto firms like MetaMask and Argent. The global stablecoin market has surpassed $230 billion, with expectations of trillions in future volume driven by demand for faster cross-border payments.

Data of the Day

Bitcoin’s 30-day Pearson correlation with gold jumped to 0.54 in late April, rebounding from a sharp drop to -0.67 in February. That earlier divergence followed a BTC price crash to $84,000 while gold rose, but macroeconomic uncertainty and U.S. tariff policies have since realigned the assets. BTC surged over 10% after President Trump’s “Liberation Day” speech, while gold climbed 5%.

Analysts attribute this “recoupling” to cyclical behavior observed since 2020, with 17 of 18 negative-correlation events followed by a quick rebound. The U.S. dollar index fell roughly 4% during the same period, boosting the safe-haven narrative. Historically, sharp drops in correlation often precede rallies that lift the BTC-gold connection back near 0.8.

More Breaking News

• 1inch has launched on Solana with plans for crosschain swaps, tapping into Solana’s 400% surge in DEX transactions and user activity.
• Arizona lawmakers approved two crypto bills that could establish a state-run Bitcoin reserve and digital asset fund, pending the governor’s signature.
• Solv Protocol unveiled SolvBTC.CORE, the Middle East’s first Shariah-compliant Bitcoin yield product, targeting institutional DeFi investors.
• A16z Crypto led a $25 million funding round into Miden, a zk-powered blockchain spun from Polygon Labs focused on edge execution and privacy.
• Circle secured in-principle approval from Abu Dhabi’s FSRA to expand its USDC stablecoin operations across the Middle East region.
• Camp Network raised $30 million to build a blockchain for IP registration and AI agent training, with backing from 1kx and Blockchain Capital.
• Tether remains dominant with a 66% stablecoin market share, even as Circle’s USDC grows faster and stablecoin competition intensifies, Nansen said.

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