BlackRock Bitcoin ETF collects BTC for 70 straight days
BlackRock's iShares Bitcoin Trust (IBIT) stands out from other Bitcoin exchange-traded funds (ETFs). It is close to an impressive 70 consecutive days of investment flow.
This continued demand reflects the exceptional confidence among investors following Bitcoin's recent halving.
BlackRock Bitcoin ETF will grow for 70 days
As the largest Bitcoin ETF position in assets under management in the United States, IBIT has shown strong gaining trends despite a general slowdown in the market. On April 19, the ETF posted inflows of nearly $30 million, against the broader sector's cautious outlook.
The cryptocurrency market was particularly stable during the halving, with Bitcoin's price action maintaining a leveling trajectory.
Despite the muted price movements, institutional investors continue to show strong enthusiasm for Bitcoin ETFs. These financial products have accumulated more than 532,342 BTC worth more than $35.13 billion—a milestone that took many years for gold ETFs to reach.
Notably, BlackRock IBIT alone raised 273,596 BTC, with a market cap of over $18 billion.
Read more: How to trade Bitcoin ETF: A step-by-step approach
Eric Balchunas, senior ETF analyst at Bloomberg Intelligence, noted that despite the high number of transactions, the actual share of total shareholders is small. As reported, IBIT has approximately 60 shareholders, however these shareholders represent only 0.4% of the total shares issued.
“This shows that most of the bites are bites, but there are a lot of fish. This is consistent with our theory that daily high # of trade and use as hot sauce for 60/40 PLL, adds a bit,” Balchunas said.
Market analysts noted that the drop in mining rewards from 6.25 BTC to 3.125 BTC could create a supply shock given the high demand for the Bitcoin halving through ETFs. However, the expected increase in Bitcoin price after the collision has yet to materialize.
“Historically, Bitcoin price movements have been fairly muted around halvings, but large price movements have taken place over periods of 9 to 12 months. This can be driven by miners receiving less BTC relative to demand for Bitcoin from ETFs. Thus, the halving” “Buy after the news” phenomenon, Ken Timsitt, managing director of Kronos Labs, told BeCrypto.
As the dust settles on the latest stripping event, the true impact of continued investment in ETFs like IBIT will be a key indicator of cryptocurrency's role in broader financial strategies.
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