Amazing: BlackRock Bitcoin ETF Records 16-Day Inflow Streak as BTC Price Eyes $97K
Investors are pouring into the largest US spot Bitcoin ETF, the BlackRock iShares Bitcoin Trust (IBIT). This surge in investment has contributed to a significant run-up in the BTC price, recently pushing it toward the $97,000 level.
Strong BlackRock Bitcoin ETF Inflows Continue
The BlackRock Bitcoin ETF, IBIT, has demonstrated remarkable strength in attracting capital. According to data from HODL15Capital, the fund recorded its 16th consecutive day of inflows on May 6, adding another 280 Bitcoin, valued at approximately $36 million at the time. This consistent influx highlights sustained investor interest.
ETF Store President Nate Geraci noted the impressive inflow streak on social media, pointing out that IBIT is quickly approaching $5 billion in new capital accumulation. He contrasted this with earlier skepticism, stating, “I remember when naysayers didn’t think spot Bitcoin ETFs would take in $5 billion in total last year. IBIT alone has done this in a few weeks, more than a year after launch.”
Since its last day of outflows on April 9, the BlackRock fund (IBIT) has accumulated around $4.7 billion in fresh inflows. Data from Farside Investors indicates that IBIT was the only US spot BTC ETF to see positive flows during the first week of May, with other funds experiencing outflows or zero net change.
May 6 saw an aggregate outflow of $86.4 million across all US spot Bitcoin ETFs, primarily due to Grayscale’s GBTC shedding almost $90 million, which offset the positive BlackRock Bitcoin ETF flows.
Bloomberg ETF analyst Eric Balchunas views this sustained inflow into IBIT as a positive indicator for the long term. He commented that it “Inspires confidence in our call that BTC ETFs will have triple gold’s [ETF’s] AUM [assets under management] in 3 to 5 years.”
BTC Price Tests Key Resistance Level
Alongside the positive Bitcoin ETF inflows, the BTC price has shown upward momentum. Bitcoin briefly topped $97,500 during early trading on May 7, revisiting price levels last seen on May 2. However, it faced resistance and pulled back slightly, trading around $96,538 at the time of writing.
Several factors may be contributing to this price movement:
- **New Hampshire Legislation:** On May 6, New Hampshire became the first US state to pass legislation related to strategic Bitcoin reserves. Satoshi Action Fund co-founder Dennis Porter suggested this could encourage other states to follow suit, potentially boosting sentiment.
- **US-China Trade Talks:** Reports of upcoming high-level trade talks between the United States and China in Switzerland this weekend also provided a potential boost. Treasury Secretary Scott Bessent confirmed the meeting, stating discussions would focus on shared interests and unsustainable tariffs, aiming for fair trade without decoupling.
Broader Spot Bitcoin ETF Landscape
While IBIT leads with consistent inflows, the overall landscape for spot Bitcoin ETFs saw its first aggregate outflow day this month on May 6. This highlights the divergence in performance among the various funds available to investors.
In related news, BattleShares filed for four new ETFs on May 6. These proposed funds aim to create trading strategies involving Bitcoin, Ethereum, and gold, including long and short positions. One notable filing is for an ETF designed to go long Bitcoin and short Ether, which Bloomberg analyst Eric Balchunas humorously suggested should have the ticker ‘MAXI’.
Conclusion: Inflows Drive Optimism
The remarkable 16-day inflow streak into the BlackRock Bitcoin ETF (IBIT) underscores strong institutional and retail interest in gaining exposure to Bitcoin through regulated investment products. While the BTC price faces resistance near $97,000, the consistent flow of capital into IBIT, coupled with potentially positive macro developments and state-level adoption news, provides a foundation for continued optimism in the market.
