Home Crypto Market Movers BlackRock’s Bitcoin ETF Sets Record with 70 Consecutive Days of Inflows

BlackRock’s Bitcoin ETF Sets Record with 70 Consecutive Days of Inflows


The latest influx of funds on April 22nd, totaling a substantial $19.7 million, catapulted BlackRock into the esteemed company of the top ten longest daily inflow streaks for all US exchange-traded funds. This milestone mirrors the impressive performance of JETS, an ETF specializing in shares of airline industry companies, which has also notched up 70 consecutive days of inflows.

Despite facing aggregate outflows during the trading days between April 12th and 18th, BlackRock has defied the odds by maintaining its momentum, albeit with slightly diminished inflows compared to its average. Over the past five trading days alone, the IBIT fund has amassed a commendable $111.7 million in inflows, signaling sustained investor confidence in the cryptocurrency market.

However, amidst this bullish trend, it’s important to note that not all Bitcoin ETFs have enjoyed unbridled success. Grayscale’s GBTC, in particular, has experienced significant outflows, contributing to the overall ebb and flow of capital within the market. Nonetheless, the tide appears to be turning once again, with April 22nd witnessing a resurgence in net inflows, bolstered by contributions from Fidelity (FBTC) and ARK 21Shares (ARKB), among others.

Even smaller players in the Bitcoin ETF arena, such as the Franklin Bitcoin ETF (EZBC) and VanEck Bitcoin Trust (HODL), have managed to attract fresh capital, albeit in more modest amounts. Analysts attribute the occasional lulls in activity for these funds to be par for the course in the realm of investment products, emphasizing the overall resilience of the market.

The latest influx of funds on April 22 amounted to $19.7 million, propelling BlackRock into the ranks of the top ten longest daily inflow streaks for all US exchange-traded funds. This achievement puts BlackRock’s IBIT fund on par with JETS, an ETF focusing on the airline industry, which has also enjoyed 70 straight days of inflows.

Despite some fluctuations in market conditions, BlackRock has maintained its momentum, with the IBIT fund receiving $111.7 million in inflows over the past five trading days. While there were brief periods of net outflows, particularly attributed to Grayscale’s GBTC, the overall trend remains positive for BlackRock and other key players in the crypto ETF space.

Notably, Fidelity (FBTC) and ARK 21Shares (ARKB) have contributed to the surge in inflows, with $34.8 million and $22.6 million, respectively. Even smaller funds like the Franklin Bitcoin ETF (EZBC) and VanEck Bitcoin Trust (HODL) have seen increased interest, indicating a broader appetite for exposure to digital assets.

Analysts have noted that occasional days of zero flows are normal for such investment products, suggesting that the current landscape reflects healthy market dynamics. Despite concerns about potential outflows, particularly from GBTC, the overall sentiment remains optimistic, with Glassnode analyst ‘Checkmatey’ highlighting the resilience of Bitcoin ETFs.

According to insights from Glassnode analyst ‘Checkmatey,’ there has yet to be a significant exodus from Bitcoin ETFs, underscoring the enduring appeal of these instruments despite occasional fluctuations. Furthermore, even Grayscale’s GBTC, which has been hemorrhaging assets, exhibited a slowdown in outflows during the week, providing further evidence of the market’s underlying strength.

The renewed interest in Bitcoin ETFs comes against the backdrop of a broader market recovery following an 18% pre-halving correction. Bitcoin, the bellwether cryptocurrency, has rebounded by 5% since the weekend halving, buoyed by a resurgence in investor confidence. During the Tuesday morning Asian trading session, Bitcoin was trading up 1% at $66,300, signaling a return to bullish sentiment.

Meanwhile, altcoins, the diverse array of cryptocurrencies beyond Bitcoin, have displayed a mixed performance, with some experiencing larger gains than others. This nuanced landscape underscores the dynamic nature of the cryptocurrency market, where opportunities and risks abound for investors seeking exposure to digital assets.

As BlackRock’s IBIT Bitcoin ETF continues to carve its place in history with an unprecedented streak of inflows, it serves as a testament to the enduring allure of cryptocurrencies in the eyes of investors worldwide. With each passing day, the boundaries of traditional finance are being reshaped, ushering in a new era of digital wealth creation and innovation.

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Mike T, an accomplished crypto journalist, has been captivating audiences with her in-depth analysis and insightful reporting on the ever-evolving blockchain and cryptocurrency landscape. With a keen eye for market trends and a talent for breaking down complex concepts, Mike's work has become essential reading for both crypto enthusiasts and newcomers alike. Appreciate the work? Send a tip to: 0x4C6D67705aF449f0C0102D4C7C693ad4A64926e9

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