- BlackRock’s spot Bitcoin ETF (IBIT) reported $356.2 million in inflows on May 9, continuing a 19-day streak.
- The ETF’s inflow period has paralleled sharp Bitcoin Price movements, with over $1.03 billion added in the past week alone.
- Rising institutional interest and recent awards signal growing acceptance of Bitcoin ETFs since their January 2024 launch.
BlackRock’s spot Bitcoin Exchange-Traded Fund, also called IBIT, drew in $356.2 million in new funds on May 9. This continued a 19-day inflow streak for the fund, representing its longest series of additions so far this year.
According to Farside data, IBIT’s inflows from April 14 to May 9 tallied more than $1.03 billion. The ETF has ridden out a period of rapid Bitcoin price swings, with the cryptocurrency trading from $83,152 to $103,000. Since April 23, Bitcoin has held above $90,000, rising past $100,000 on May 8 for the first time since early February.
Farside’s figures show that spot Bitcoin ETFs, which first became available in January 2024, have attracted about $41.13 billion in inflows since their debut. IBIT’s longest inflow stretch so far this year is nearly double its previous nine-day period around the U.S. presidential inauguration in January. Its all-time longest streak lasted 104 days after its initial launch, a period that lined up with Bitcoin’s record high of $73,679 in March before its price settled in the $60,000 range.
BlackRock’s fund recently earned the “Best New ETF” award at the annual etf.com ETF awards, according to Bloomberg ETF analyst Eric Balchunas, who commented in an X post that it “feels right to me.”
Institutional interest in Bitcoin continues to grow. André Dragosch, the head of European research at Bitwise, said during a recent appearance on the Chain Reaction daily X spaces show that this trend may provide the steady inflows needed for Bitcoin to match Gold’s market value. “Our in-house prediction is $1 million by 2029. So that Bitcoin will match gold’s market cap and total addressable market by 2029,” Dragosch explained to Cointelegraph. The full exchange can be found on this show.
Bitcoin’s expanding acceptance among large institutions and new financial products like ETFs suggest potential for continued growth, with recent industry recognition and large inflows supporting this trend. Further details and ETF flow data can be found through Farside.
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