BlackRock Bitcoin ETF gains $4.7 billion in 16 days as BTC nears $97K

BlackRock’s iShares Bitcoin Trust (IBIT) has recorded 16 consecutive days of inflows, accumulating approximately $4.7 billion since April 9, according to data from HODL15Capital.

On May 6 alone, the fund added around 280 Bitcoin (CRYPTO:BTC), valued at roughly $36 million.

ETF Store President Nate Geraci noted the inflow streak on social media, highlighting that IBIT is nearing $5 billion in new capital.

“I remember when naysayers didn’t think spot Bitcoin ETFs would take in $5 billion in total last year. IBIT alone has done this in a few weeks, more than a year after launch,” Geraci said.

Among U.S. spot Bitcoin ETFs, BlackRock’s fund was the only one to post inflows this week, while others experienced outflows or no net flows since May 1, according to Farside Investors.

On May 6, Grayscale’s GBTC saw an outflow of nearly $90 million, offsetting BlackRock’s gains and resulting in a net outflow of $86.4 million across funds.

Bloomberg ETF analyst Eric Balchunas described the inflows as a positive signal for the long term, stating it “inspires confidence in our call that BTC ETFs will have triple gold’s AUM in 3 to 5 years.”

Meanwhile, BattleShares filed for four new ETFs on May 6, including one designed to go long Bitcoin and short Ethereum (CRYPTO:ETH).

The recent price gains coincided with New Hampshire passing strategic Bitcoin reserve legislation on May 6, the first U.S. state to do so.

“The odds of multiple states passing Strategic Bitcoin Reserve legislation into law just went up by a massive amount today,” commented Dennis Porter, co-founder of Satoshi Action Fund.

Additionally, reports of upcoming U.S.-China trade talks in Switzerland may have contributed to positive market sentiment.

Treasury Secretary Scott Bessent wrote on social media that discussions would focus on “fair trade” and reducing unsustainable tariffs and barriers.

At the time of reporting, the Bitcoin (BTC) price was $96,752.57.