BlackRock Bitcoin ETF Is Halfway to Setting a New Record

By Ryan S. Gladwin

Financial giant BlackRock has seen its Bitcoin spot exchange-traded fund (ETF) grow for the 70th day in a row. If it can keep that going for another 90 trading days, it will have tied JP Morgan's Equity Premium Income (JEPI) 160-day streak.

As it stands, since the fund first started reporting flows on January 12, it has seen more deposits than withdrawals every single trading day. With this news, the BlackRock spot Bitcoin ETF breaks into the top 10 for the longest ETF daily inflow streaks since 2004. With its ticker IBIT, the fund ties with the U.S. Global Jets ETF.

Alongside Bitcoin’s 4% increase over the weekend, BlackRock’s spot Bitcoin ETF has seen its assets under management rise to $18.15 billion, according to the firm's official website.

Prior to BlackRock crossing the line, senior ETF analyst for Bloomberg, Eric Balchunas, highlighted the possible milestone on Twitter. He joked that it would be “pretty hilarious” if the fund’s streak ended a day early. Fortunately, the financial gods didn’t play a cruel joke on investors with the fund seeing an inflow just shy of $20 million.

While this is an impressive milestone for the fund, it’s a long-shot away from JPMorgan’s Equity Premium Income ETF (JEPI) which saw the longest streak ever at 160 days, an enormous 55 days longer than Vanguard’s Total International Bond ETF (BNDX) in second place.

Monday was the first day of trading for ETFs since the Bitcoin halving that occurred over the weekend. Many believed that the halving was causing uncertainty among investors with Farside Investor data showing record-tying five day outflows from Bitcoin ETFs. This was compounded by a CoinShares report that showed two week outflows from "digital asset investments," which include spot Bitcoin ETFs. However, BlackRock’s success offers a counter narrative that investors weren’t concerned about the Bitcoin halving, which saw miner rewards cut in half. Interestingly, Farside Investor data also shows that the two trading days sandwiching the event have both brought in inflows of around $60 million—further suggesting that the halving hasn’t had a negative impact on investor sentiment.

Edited by Stacy Elliott.

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