BlackRock’s Bitcoin ETF: 16 Days of Inflow, BTC Surges Past $97K
BlackRock’s spot Bitcoin ETF continues its remarkable run, attracting investor capital for 16 consecutive days. This surge coincides with Bitcoin’s price reclaiming the $97,000 mark on May 7th.
The BlackRock iShares Bitcoin Trust (IBIT) saw an influx of approximately 280 BTC (around $36 million) on May 6th alone, according to HODL15Capital. This consistent inflow has pushed the fund closer to a staggering $5 billion in new capital, a milestone noted by ETF Store President Nate Geraci.
“The skepticism surrounding spot Bitcoin ETFs’ ability to reach $5 billion in total inflows last year is a distant memory,” Geraci commented on X (formerly Twitter). “IBIT achieved this within weeks of its launch.”
Interestingly, IBIT stands alone among US spot BTC ETFs this week, exhibiting inflows while others report outflows or zero activity since May 1st, according to Farside Investors. Although Grayscale’s GBTC saw a significant outflow of almost $90 million on May 6th, offsetting some of the IBIT gains, the overall trend remains positive.
Bloomberg ETF analyst Eric Balchunas expressed optimism, stating that the consistent inflows “inspire confidence in our prediction that BTC ETFs will surpass gold ETFs’ AUM three to five years from now.”
This positive momentum is further amplified by other recent events, such as New Hampshire becoming the first US state to enact a strategic Bitcoin reserve law and ongoing trade discussions between the US and China. The potential for increased institutional adoption and positive regulatory developments is fueling this upward trend.
Related: US Bitcoin ETFs bought 6x more BTC than miners produced last week
Additional developments include: the filing of four new ETFs by BattleShares, aiming to leverage Bitcoin, Ethereum, and Gold in both long and short positions.
Bitcoin’s price briefly touched $97,500 on May 7th, revisiting May 2nd levels before retracting slightly. This price action, coupled with the significant inflow into the BlackRock ETF, suggests continued optimism within the market.