BlackRock’s iShares Bitcoin Trust (IBIT) is gathering more capital than its largest financial support ETF this year.
On May 6, Bloomberg senior ETF analyst Eric Balknath reported that IBIT was ranked as the US’s sixth highest fund due to an influx from the beginning of the year.
Data shows IBIT has drawn more than $6.9 billion since January, surpassing SPDR Gold stock (GLD), and recorded around $6.5 billion over the same period despite a surge in returns of 23%.
During this period, data shows that gold prices reached a new record high of $3,500/ounce for the first time in history, with the share of global reserves surged to 18%, at a height of 26 years.
Balchunas highlighted how this performance strengthens trust in Bitcoin ETFs. He noted that attracting more cash than gold under such market conditions is a strong signal of IBIT’s long-term potential.
He said:
“Incorporating more cash in that scenario is a really good sign in the long run and encourages confidence in our call for BTC ETFs to have triple gold AUMs at age 3-5.”
Meanwhile, IBIT’s record numbers have been strongly driven by a stable inflow over the past three weeks, surpassing the peers of the Bitcoin ETF market.
Data from the SOSO values reveals that the fund is the only Bitcoin ETF registered in the US to post a continuous inflow of 15 straight trading sessions.
Last week alone, the fund added nearly $2.5 billion in net inflows. It continued its momentum on May 5th with another $531 million, starting the week with a strong memo.
ETF Store President Nate Geraci highlighted the changes in market participants, saying:
“I remember when it was all a retail purchase from Degen.”
He added that this suggests a more diverse and institutional audience is currently participating in the market.
This shift can be attributed to an increased demand for regulated exposure to BTC, particularly in an uncertain macroeconomic era. ETFs like IBIT provide gateways for traditional investors to leverage the crypto market without directly holding assets, strengthening the biggest crypto role in modern portfolios.
