Key Points
- BlackRock’s iShares Bitcoin Trust (IBIT) has logged 15 consecutive days of inflows, indicating strong institutional demand for Bitcoin.
- Bitcoin’s price stability above $90,000 suggests growing confidence in its long-term trajectory.
BlackRock’s iShares Bitcoin Trust (IBIT) has seen an impressive streak of 15 consecutive days of inflows. This is a clear indication of renewed institutional confidence in Bitcoin (BTC).
Record Breaking Inflows
On May 5, BlackRock acquired 5,613 BTC, valued at around $530 million. This solidified IBIT’s dominance in a week when most other ETFs experienced flat or negative flows.
The total inflows since the inception of IBIT have now surpassed $44 billion. This aggressive accumulation by BlackRock reinforces its significant influence on the broader crypto ETF landscape and suggests a strong institutional appetite for Bitcoin exposure.
Bitcoin’s Price Stability
In addition to this, Bitcoin’s price has remained stable above the $90,000 mark, despite a minor dip of 0.42% in the last 24 hours. This stability is seen as a sign of growing confidence in Bitcoin’s long-term trajectory.
Key technical indicators such as the Chaikin Money Flow (CMF) and Relative Strength Index (RSI) were in bullish territory at the time of writing. This suggests that short-term dips may be part of a healthy consolidation phase, rather than a reversal.
BlackRock’s IBIT has been attracting renewed investor interest for some time. For instance, on April 24, IBIT recorded massive inflows worth $442 million.
BlackRock’s success is not just limited to Bitcoin. In the case of Ethereum (ETH), Blackrock’s ETHA has been driving the cumulative inflows that spot ETH ETFs have been receiving.
The scale of institutional influx is a sign that market participants may be positioning for another leg up. It also further strengthens the case for a sustained rally in the coming weeks.
