bitcoin spot ETFs continue to smash records, attracting $9 billion in inflows in the past five weeks, according to Bloomberg data. Once again, BlackRock’s iShares Bitcoin Trust took the lion’s share of inflows over that period.
BlackRock’s ETF now holds $71 billion in assets and ranks “23rd overall, absolutely bonkers for a one year old,” Bloomberg Intelligence analyst Eric Balchunas posted. “The next youngest ETF in the Top 25 is 12yrs old!”
On April 29, the ETF saw inflows of $970.9 million, the second-largest since inception. Since then, it has had “32 straight days w/ no outflows,” as Nate Geraci, ETF Store president, noted.
In comparison, gold ETFs have had outflows of more than $2.8 billion over the same period.
Nic Puckrin, founder of Coin Bureau, told Sherwood News that bitcoin and gold have been locked in a long-standing battle for the title of ultimate inflation hedge and store of value, but this year might finally tip the scales in bitcoin’s favor.
“It’s not just price that matters — it’s also ownership dynamics, and bitcoin is far more under-owned than gold is,” he said, adding that some 20% of all gold ever mined is owned by central banks and the asset already makes up part of many portfolios’ balances.
“Bitcoin ownership is still very much in its early stages. Institutions and corporations are getting involved, but retail is yet to dive in with meaningful allocations,” Puckrin said.
IBIT is also steadily stashing bitcoin and now holds 659,297.1 tokens. This represents more than Strategy has, the largest bitcoin corporate holder, with 580,250 bitcoin.
