TLDR
- BlackRock’s IBIT records 16 consecutive days of positive inflows
- Fund has attracted nearly $4.7 billion since April 9
- Bitcoin touched $97,500 before settling at $96,538 on May 7
- New Hampshire enacted first-ever state Bitcoin reserve legislation
- BattleShares files for new ETFs combining Bitcoin with Ethereum and gold positions
The BlackRock iShares Bitcoin Trust (IBIT) continues to attract substantial investor capital, marking its 16th straight day of inflows on May 6. This persistent flow of investment comes as Bitcoin prices briefly surged past the $97,000 level on May 7, highlighting growing institutional interest in cryptocurrency exposure.
Data from HODL15Capital reveals that the fund added approximately 280 Bitcoin worth $36 million on May 6 alone. This consistent pattern of investment has helped push Bitcoin toward recent highs.
Nate Geraci, President of ETF Store, pointed out on social platform X that IBIT is approaching the $5 billion mark in new capital during this streak. He contrasted current performance with earlier doubts, writing, “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 amassed roughly $4.7 billion in new investments since April 9, when it last experienced an outflow day. This impressive run stands in stark contrast to other spot Bitcoin ETFs in the U.S. market.
According to Farside Investors, IBIT remains the only U.S. spot Bitcoin ETF recording positive inflows this week. All competing funds have either seen outflows or zero activity since May 1, underscoring BlackRock’s dominance in this sector.
ETF Market Dynamics
The overall spot Bitcoin ETF market experienced a net outflow of $86.4 million on May 6. This negative flow was primarily driven by Grayscale’s GBTC, which shed nearly $90 million, more than offsetting the positive influx into BlackRock’s product.
Bloomberg ETF analyst Eric Balchunas sees long-term promise in these trends. He commented that the pattern “Inspires confidence in our call that BTC ETFs will have triple gold’s [ETF’s] AUM [assets under management] in 3 to 5 years.”
The Bitcoin ETF landscape continues to expand with BattleShares filing paperwork for four new ETF products on May 6. These innovative funds aim to create investment vehicles that pair Bitcoin with Ethereum and gold in various long and short combinations.
Commenting on one proposed fund that would take long positions in Bitcoin while shorting Ethereum, Balchunas suggested “MAXI” would be an appropriate ticker symbol, a nod to the term for Bitcoin purists in crypto circles.
Bitcoin prices showed strength early on May 7, briefly climbing above $97,500 before retreating. The asset revisited price levels last seen on May 2 but couldn’t maintain the momentum, falling back to $96,538 when this report was compiled, according to CoinGecko data.
The day’s 2.2% price increase may have been partly fueled by a groundbreaking legislative development. On May 6, New Hampshire became the first U.S. state to pass legislation establishing a strategic Bitcoin reserve, potentially setting a precedent for other states to follow.
Dennis Porter, who serves as co-founder and CEO of Satoshi Action Fund, expressed enthusiasm about this milestone, 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 also improved following news that the United States and China plan to hold important trade discussions in Switzerland this weekend. The Washington Post reported that these high-level talks could address ongoing trade tensions between the world’s two largest economies.
Treasury Secretary Scott Bessent confirmed the upcoming 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.”
As Bitcoin tests key resistance levels near its all-time high, the continued inflow into BlackRock’s ETF suggests institutional investors remain bullish on the leading cryptocurrency’s prospects. The combination of strong ETF demand and positive regulatory developments points to growing mainstream acceptance of digital assets.
The contrast between BlackRock’s success and the struggles of other Bitcoin ETFs highlights the power of brand recognition and investor trust in the competitive ETF marketplace. With IBIT approaching the $5 billion mark in new capital during this streak, it’s clear that institutional investors are increasingly comfortable gaining Bitcoin exposure through familiar financial products.
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