Investor enthusiasm for BlackRock’s iShares Bitcoin Trust (IBIT) has shown no signs of slowing, with the spot Bitcoin ETF notching 16 consecutive days of inflows and edging closer to $5 billion in new capital. This surge in institutional interest coincided with Bitcoin’s brief spike to $97,500 during early trading on May 7, marking a return to resistance levels last seen on May 2.
On May 6 alone, the fund added roughly 280 BTC—valued at around $36 million—according to HODL15Capital. ETF Store President Nate Geraci highlighted the milestone on social platform X, noting how skeptics once doubted that spot Bitcoin ETFs could attract $5 billion in total within a year. “IBIT alone has done this in a few weeks, more than a year after launch,” he remarked.
Since its last recorded outflow on April 9, BlackRock’s IBIT has absorbed around $4.7 billion. It also stands out as the only U.S. spot Bitcoin ETF to post net inflows this week, while competitors either remained flat or saw capital exit, per data from Farside Investors.
On May 6, total net outflows across all spot Bitcoin ETFs reached $86.4 million, largely due to Grayscale’s GBTC shedding nearly $90 million—effectively negating the positive flows into IBIT. Despite the broader market’s uneven performance, Bloomberg ETF analyst Eric Balchunas called IBIT’s momentum a long-term bullish signal. He reiterated his prediction that Bitcoin ETFs could eventually triple the asset base of gold ETFs within three to five years.
Meanwhile, ETF innovation continues. BattleShares filed on May 6 for four new ETFs designed to offer long and short exposure to Bitcoin, Ethereum, and gold. One of the proposed funds would go long on Bitcoin and short on Ether. “The ticker should be MAXI,” Balchunas quipped.
Bitcoin’s recent rally appears to be fueled not just by ETF demand but also by favourable regulatory and geopolitical developments. A 2.2% price gain on May 6 was likely bolstered by New Hampshire’s historic move to become the first U.S. state to pass strategic Bitcoin reserve legislation. “The odds of multiple states passing similar legislation just went up by a massive amount,” said Dennis Porter, CEO of the Satoshi Action Fund.
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