By Chris Hollingworth 
Investor interest in BlackRock’s spot Bitcoin exchange-traded fund (ETF) has been steadily increasing, with inflows recorded for over three consecutive weeks. The BlackRock iShares Bitcoin Trust witnessed significant activity on May 6, with approximately 280 Bitcoin (BTC) or around $36 million pouring into the fund, pushing its value to $97,000 on May 7. HODL15Capital reported a total of 16 days of continuous inflows into the spot BTC ETF.
Nate Geraci, the President of ETF Store, highlighted the fund’s growth, noting that it was nearing $5 billion in new capital. He remarked on the rapid success of the fund, surpassing expectations set by skeptics who doubted the potential of spot Bitcoin ETFs to attract such substantial inflows.
Since its last outflow day on April 9, the BlackRock fund (IBIT) has seen inflows totaling around $4.7 billion. Notably, IBIT stands out as the only spot BTC ETF in the United States to record inflows during the week, as other funds experienced outflows or remained stagnant since May 1, according to Farside Investors. On May 6, while BlackRock’s ETF saw significant inflows, Grayscale’s GBTC witnessed an outflow of almost $90 million, contributing to an aggregate outflow of $86.4 million across the market.
Bloomberg ETF analyst Eric Balchunas expressed optimism about the future of BTC ETFs, emphasizing their potential to surpass gold ETFs in assets under management within the next 3 to 5 years. This positive outlook was further supported by the filing of four ETFs by BattleShares on May 6, designed to compare Bitcoin against Ethereum and gold through a mix of long and short positions.
Bitcoin prices reached a resistance level, briefly exceeding $97,500 on May 7 before retracing to $96,538. The 2.2% daily gain was influenced by various factors, including New Hampshire passing strategic Bitcoin reserve legislation on May 6. Additionally, reports of upcoming high-level trade discussions between the United States and China in Switzerland bolstered market sentiment.
As investors continue to show interest in Bitcoin and related ETFs, the market remains dynamic and responsive to regulatory and geopolitical developments, shaping the future trajectory of digital assets.
