BlackRock's IBIT Sees 20-Day Inflow Streak, $5 Billion Inflows

BlackRock's iShares Bitcoin Trust (IBIT) has been making headlines with an unusual 20-day inflow streak, drawing significant attention to the spot Bitcoin ETF market. This streak, highlighted by ETF Store President Nate Geraci, has seen IBIT accumulate over $5 billion in inflows, defying early criticisms that suggested a lack of demand for the product. The sustained inflow began around April 24, with the highest daily inflow recorded on April 28 at $970.9 million. This week alone, IBIT has attracted $69.4 million in investments, demonstrating continued investor confidence despite broader market volatility.

The performance of IBIT stands in contrast to its core rivals, such as Fidelity’s FBTC and Bitwise’s BITB, which have been experiencing outflows. This disparity underscores the resilience of IBIT in maintaining investor trust, particularly in the face of market uncertainties. The recent U.S.-China trade deal, which both nations celebrated over the weekend, has also contributed to a positive market sentiment, further bolstering IBIT's inflow.

The trends in the Bitcoin price have historically influenced the spot Bitcoin ETF market. At the time of reporting, Bitcoin was trading at $102,765.48, reflecting a 1.67% decrease over the past 24 hours. Despite this short-term decline, analysts view it as a healthy correction, given that Bitcoin continues to hold support above the $102,000 mark. If Bitcoin's price can sustain this level and push towards reclaiming its all-time high, associated ETF products like IBIT are likely to see continued impressive inflows.

While BlackRock remains the dominant player in the spot BTC ETF market, other ETFs are also contributing positively to the cumulative value locked in the market. This collective performance suggests a growing acceptance and interest in Bitcoin ETFs, despite the inherent volatility of the cryptocurrency market. The sustained inflow into IBIT, in particular, highlights the growing institutional interest in Bitcoin as a viable investment asset.