BlackRock Bitcoin ETF Records 16 Days of Consecutive Inflows as BTC Tests $97K

TLDR

BlackRock’s iShares Bitcoin Trust (IBIT) has seen 16 consecutive days of inflows
IBIT has accumulated approximately $4.7 billion since April 9
Bitcoin briefly topped $97,500 on May 7 before settling around $96,538
New Hampshire became the first US state to pass strategic Bitcoin reserve legislation
BattleShares has filed for four new ETFs combining Bitcoin, Ethereum, and gold positions

BlackRock’s iShares Bitcoin Trust (IBIT) has maintained an impressive streak of inflows, marking 16 consecutive days of investment through May 6. This persistent investor interest coincides with Bitcoin’s price approaching the $97,000 mark on May 7, demonstrating continued market confidence in the leading cryptocurrency.

According to data from HODL15Capital, the fund received an additional 280 Bitcoin on May 6, equivalent to approximately $36 million. This latest influx adds to the fund’s growing position in the market.

ETF Store President Nate Geraci highlighted this achievement on social media platform X, noting that the fund is nearing $5 billion in new capital. Geraci also recalled previous skepticism about spot Bitcoin ETFs, stating, “I remember when naysayers didn’t think spot Bitcoin ETFs would take in $5 billion in total last year.”

*16* day inflow streak for iShares Bitcoin ETF…

Approaching $5bil in new $$$.

I remember when naysayers didn’t think spot bitcoin ETFs would take in $5bil *total* last yr.

As in *all* spot bitcoin ETFs.

IBIT alone has done this in a few weeks more than a yr after launch.

— Nate Geraci (@NateGeraci) May 7, 2025

The BlackRock fund has accumulated around $4.7 billion in inflows since April 9, which was its last recorded outflow day. This steady stream of investment has positioned IBIT as a leader among Bitcoin ETFs.

What makes IBIT’s performance more striking is that it stands alone among US spot Bitcoin ETFs in attracting new capital this week. Farside Investors reports that all other funds have experienced outflows or zero movement since May 1.

Market Competition

The broader ETF market showed mixed results on May 6, with an aggregate outflow of $86.4 million. This was primarily driven by Grayscale’s GBTC, which lost almost $90 million, effectively canceling out BlackRock’s gains for the day.

Bloomberg ETF analyst Eric Balchunas views these trends positively, commenting 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.”

A new ETF is going to go long Bitcoin and short Ether. The ticker should be $MAXI. Also one long Btc and short gold. Vice versa ones as well altho hard to see any bites that direction. https://t.co/bL8fck9u8Q

— Eric Balchunas (@EricBalchunas) May 6, 2025

The ETF landscape continues to evolve, with BattleShares filing for four new ETFs on May 6. These innovative funds aim to create investment vehicles that compare Bitcoin against Ethereum and gold through various long and short positions.

Commenting on one of these proposed ETFs that would go long on Bitcoin while shorting Ethereum, Balchunas suggested “MAXI” as an appropriate ticker symbol, referencing the term used for Bitcoin maximalists in the crypto community.

Bitcoin’s price action has shown resilience, briefly surpassing $97,500 during early trading on May 7. This price point represents a return to resistance levels last seen on May 2, though the cryptocurrency could not sustain this peak and retreated to $96,538 at the time of reporting, according to CoinGecko data.

The 2.2% daily increase may have been influenced by legislative developments. New Hampshire made history by becoming the first US state to pass strategic Bitcoin reserve legislation on May 6, potentially setting a precedent for other states.

Dennis Porter, co-founder and CEO of Satoshi Action Fund, expressed optimism about this development, stating, “The odds of multiple states passing Strategic Bitcoin Reserve legislation into law just went up by a massive amount today.”

Market sentiment may have received an additional boost from reports of upcoming trade discussions between the United States and China. According to the Washington Post, high-level talks are scheduled to take place in Switzerland over the weekend.

Treasury Secretary Scott Bessent confirmed the meetings on X, writing, “We will meet on Saturday and Sunday to discuss our shared interests. The current tariffs and trade barriers are unsustainable, but we don’t want to decouple. What we want is fair trade.”

These diplomatic efforts could potentially ease global economic tensions and create a more favorable environment for risk assets like cryptocurrencies.

As Bitcoin continues to test key resistance levels, the sustained inflows into BlackRock’s ETF suggest institutional investors maintain a positive outlook on the asset’s future prospects. The convergence of these factors points to ongoing interest in cryptocurrency exposure through regulated investment vehicles.