BlackRock’s iShares Bitcoin Trust (IBIT) added 5,613 Bitcoin (BTC) to its holdings on May 5, totaling a staggering $530 million in a single day. The massive purchase not only set a new benchmark for the ETF but also amplified investor sentiment, as Bitcoin continues its steady climb above $90,000.

This latest acquisition marks the 15th consecutive day of inflows for IBIT, highlighting consistent demand from institutional players and reinforcing BlackRock’s position as a key driver in the Bitcoin ETF market.

IBIT Dominates ETF Flows with Record Momentum

BlackRock’s aggressive accumulation comes amid rising confidence in digital assets across Wall Street. With total IBIT inflows surpassing $44 billion since its inception, the asset manager has now cemented its lead in the crypto ETF space. In a week when many ETFs posted flat or even negative flows, IBIT stood out as the dominant force.

Bloomberg ETF analyst Eric Balchunas commented on X, calling it a case of déjà vu. He noted that both $VOO (Vanguard S&P 500 ETF) and $IBIT were again among the top ETF inflow recipients, similar to trends seen during previous bull market phases.

Balchunas also offered a compelling theory for IBIT’s disproportionate inflow success: the resurgence of hedge fund (HF) basis trades and renewed interest from institutional whales post-decoupling. “IBIT has been hoovering up BTC like a madman ever since,” he stated.

Bitcoin Holds Firm Above $90K

Despite a modest 0.42% dip over the past 24 hours, Bitcoin maintained its position above $90,000 on May 7. This resilience, even amid FOMC-related market caution, hints at underlying bullish strength.

Technical indicators back this outlook. The Chaikin Money Flow (CMF) and Relative Strength Index (RSI) are currently positioned in bullish zones, suggesting that short-term dips are likely part of a healthy consolidation phase rather than signs of an impending correction.

Many analysts now believe that Bitcoin’s current price action is a precursor to another major leg up. The psychological milestone of $100,000, once considered overly optimistic, now feels within reach, especially with institutions like BlackRock continuing to build exposure.

Broader Impact on the Crypto Market

IBIT’s success has not gone unnoticed within the broader financial world. The ETF’s relentless inflows have not only elevated BlackRock’s presence in crypto finance but also boosted the legitimacy of spot Bitcoin ETFs as a long-term investment vehicle.

In fact, BlackRock’s influence extends beyond Bitcoin. Its Ethereum-focused ETF, ETHA, has also played a significant role in boosting spot ETH ETF inflows. Together, these products indicate a clear strategy: position traditional institutional capital to benefit from the ongoing digital asset revolution.

The sustained demand from asset managers and institutional investors suggests that the recent inflow wave is not a passing trend but a longer-term reallocation of capital into crypto markets.

What’s Next for Bitcoin?

With macro conditions remaining uncertain, and the Federal Reserve expected to hold interest rates steady, Bitcoin is increasingly being viewed as a hedge against monetary policy stagnation and inflation risk. The return of institutional accumulation, particularly in the ETF space, could very well be the catalyst that propels BTC to new all-time highs.

As market watchers monitor the next moves by both the Fed and institutional players, one thing is clear—BlackRock’s IBIT is reshaping the landscape for Bitcoin investment. If this momentum continues, a six-figure Bitcoin could become reality sooner than most expected.

Conclusion

BlackRock’s purchase of over $500 million in Bitcoin in just one day marks a critical moment for the crypto market. As IBIT continues to attract billions in inflows and Bitcoin stabilizes above major psychological levels, the market appears poised for its next explosive move. For investors, the question may no longer be if BTC hits $100K—but when.