BlackRock’s iShares Bitcoin Trust (IBIT) has recorded 16 consecutive days of inflows, amassing approximately $4.7 billion since April 9. On May 6 alone, the fund attracted an additional 280 BTC, valued at around $36 million, according to HODL15Capital. This consistent influx positions IBIT as the sole U.S. spot Bitcoin ETF to report positive flows in the first week of May. In contrast, other funds, including Grayscale’s GBTC, experienced outflows, with GBTC shedding nearly $90 million on May 6.
ETF Store President Nate Geraci highlighted the significance of IBIT’s performance, noting that the fund is nearing $5 billion in new capital—a milestone skeptics once deemed unattainable within a year. Bloomberg ETF analyst Eric Balchunas echoed this sentiment, suggesting that Bitcoin ETFs could potentially triple the assets under management of gold ETFs within the next three to five years.
Concurrently, Bitcoin’s price briefly surpassed $97,500 on May 7, revisiting levels last seen on May 2, before settling at $96,538. The 2.2% daily gain may have been influenced by New Hampshire’s recent legislation establishing a strategic Bitcoin reserve, as well as reports of upcoming high-level trade discussions between the United States and China.
In related developments, BattleShares filed for four new ETFs on May 6, aiming to offer investment strategies that go long on Bitcoin while shorting Ethereum or gold. One of these proposed ETFs, potentially tickered “MAXI,” underscores the growing interest in diversified crypto investment products.
