BlackRock’s iShares Bitcoin Trust (IBIT) extended its dominance in the Bitcoin ETF market with a staggering $639 million in net inflows on June 17, acquiring 6,088 BTC from the open market despite a dip in Bitcoin prices driven by escalating geopolitical tensions between Iran and Israel.

This is recorded as the biggest single-day inflow of IBIT since May 22, according to data collected by Farside Investors. The ETF has since amassed 674,248 BTC and its assets under management have grown to about 70.4 billion dollars at a current Bitcoin value of 104,000 dollars.

Fidelity and Ark See Significant Outflows

The total net flows since inception in IBIT are about five times higher than that of the nearest competitor, which is Fidelity FBTC, a fund attracting a total of $11.4b.

The ETF presently facilitated by BlackRock commands 54% of ETF market in the United States, which is estimated at $131 billion. IBIT traded a volume of 3.2 billion dollars on June 17, strengthening its status as a market leader.

Still, in spite of the IBIT inflows, the total net flows of U.S.-based Bitcoin ETFs are negative, amounting to $216 million only. Fidelity FBTC recorded outflows of $208 million, and Ark Invest ARKB registered withdrawals of 191 million. The net inflow of the day accounted to about half of the previous day’s ($412 million).

Bitcoin’s price fell to an intraday low of $103,371 during the session, reflecting weakened investor sentiment amid geopolitical uncertainty. This also came with a drop in the open interest in Bitcoin futures, which is a sign of less leveraged trading.

Market participants are now shifting focus to the Federal Open Market Committee (FOMC) meeting, starting today, where investors will be watching closely what Fed Chair Jerome Powell might say on the possibility of rate cuts.