Introduction
BlackRock’s spot Bitcoin ETF (IBIT) hit a major milestone on May 9, recording a daily inflow of $356.2 million. This marked the 19th consecutive day of net inflows for the fund—its longest uninterrupted streak of the year so far.
Momentum Builds as Bitcoin Price Surges
IBIT’s inflow streak began on April 14 and has coincided with high volatility in the Bitcoin (BTC) market. During this period, BTC traded between $83,152 and $103,000. Investor confidence appears to have strengthened after BTC reclaimed the $90,000 level on April 23 and broke above $100,000 again on May 8—the first time since February 1.
Institutional Interest Drives ETF Growth
In the past week alone, IBIT saw over $1.03 billion in inflows, according to Farside. Since the launch of spot Bitcoin ETFs in January 2024, total inflows have exceeded $41.13 billion across all products.
Before this 19-day streak, IBIT’s previous record was a 9-day run in January, timed around the inauguration of U.S. President Donald Trump.
BlackRock’s IBIT Receives Industry Recognition
On April 23, BlackRock’s IBIT was named the “Best New ETF” at the annual ETF.com awards. Bloomberg ETF analyst Eric Balchunas commented that the award “feels right to me,” highlighting the product’s strong market reception.
Experts Predict Long-Term Upside
According to André Dragosch, Head of European Research at Bitwise, the ongoing institutional adoption of Bitcoin ETFs could be the structural foundation that pushes BTC toward a $1 million valuation by 2029.
“Our in-house forecast is $1 million by 2029. That’s when we believe Bitcoin could match gold’s total addressable market.”
— André Dragosch, Bitwise
📈 Will This Momentum Continue?
Will This Momentum Continue?
Analysts note that as long as Bitcoin remains above psychological levels like $100,000, ETF inflows will likely persist. The combination of increasing institutional confidence and retail interest could set the stage for another bullish cycle — especially if central banks continue to ease monetary policy.