BlackRock’s Bitcoin ETF Nears Record Inflow Streak

BlackRock’s spot Bitcoin ETF (IBIT) continues to make headlines as it extends its daily inflow streak to 70 consecutive trading days. This remarkable trend places the ETF on a path that could see it matching the record-setting 160-day streak held by JP Morgan’s Equity Premium Income (JEPI).

Since the fund began reporting its flows on January 12, it has consistently experienced more deposits than withdrawals, marking each trading day with positive inflows. This sustained performance has catapulted the BlackRock Bitcoin ETF into the top 10 for the longest ETF daily inflow streaks recorded since 2004, tying with the U.S. Global Jets ETF.

The ETF’s growth coincides with a 4% increase in Bitcoin’s value over the weekend, boosting its assets under management to an impressive $18.15 billion. This increase underscores the strong investor confidence in Bitcoin and the broader crypto market despite various market fluctuations.

Eric Balchunas, a senior ETF analyst at Bloomberg, recently pointed out the potential for BlackRock to reach this milestone, noting humorously the possibility of the streak ending just shy of the record. However, the investment flow continued, with the fund receiving nearly $20 million just in time to maintain its streak.

Comparatively, the JEPI still holds the longest inflow streak at 160 days, far surpassing the second-longest held by Vanguard’s Total International Bond ETF (BNDX) at 105 days. BlackRock’s ETF still has a way to go to reach this milestone but is well on its way if current trends continue.

Moreover, trading activity around the recent Bitcoin halving event, which reduced miner rewards by half, seemed to bring uncertainty, with Farside Investor data showing significant outflows from Bitcoin ETFs. Yet, BlackRock’s continued success presents a contrasting narrative, indicating that investor apprehension about the halving may have been overstated. In fact, inflows around the days of the halving suggest a neutral if not positive investor sentiment towards Bitcoin.

BlackRock’s spot Bitcoin ETF not only exemplifies robust investor interest in cryptocurrency but also highlights the growing acceptance of Bitcoin as a legitimate and stable investment. As the fund approaches the record streak, it not only reflects on BlackRock’s success but also on the maturing crypto market that continues to attract significant institutional interest.