BlackRock Bitcoin Exchange-Traded Fund (ETF) Witnesses 69 Consecutive Days of Inflows Amidst Halving Hype

BlackRock’s Bitcoin spot ETF (IBIT) achieved a remarkable 69-day streak of continuous inflows on Friday, coinciding with the infamous ‘4/20’ celebration. The occasion sparked a flurry of memes across social media. If IBIT continues to record inflows today, it will enter the top ten ETFs with the longest inflow streaks, currently held by the JPMorgan Equity Premium Income ETF (JEPI) at 160 days. The crypto industry had to wait over a decade for its first spot ETF, but since their debut, these ETFs have proven to be successful. BlackRock remains at the forefront, with 69 consecutive days of inflows recorded on Friday, just one day away from making history. According to data from Farside, a London-based investment firm, IBIT has accumulated $15.42 billion in inflows, with $29.3 million added on Friday, the second-highest in the sector. Fidelity, which added $54.8 million, holds the highest inflows at $8.14 billion. Ark’s ETF added $12.5 million, while Grayscale experienced outflows of $45.8 million and VanEck’s Bitcoin Trust ETF recorded outflows of $1.8 million. BlackRock’s dominance is not surprising given its $10 trillion in assets under management, surpassing the combined GDPs of Germany and Japan. However, the level of interest in BlackRock’s fund has exceeded expectations, with only ten other ETFs having achieved a longer inflow streak. The record is held by JEPI, which saw 160 days of inflows since its launch in May 2020. If IBIT continues to record inflows today, it will tie with the U.S. Global Jets ETF (JETS) for tenth place with 70 days of inflows. BlackRock’s extensive network in the financial industry continues to attract major players, including Citigroup, Goldman Sachs, UBS, and Citadel Securities, as authorized participants in its BTC ecosystem. BTC traded at $66,289 at press time and experienced a 1.97% gain in the past day, defying expectations of a post-halving sell-off.