BlackRock’s iShares Bitcoin Trust (IBIT) recorded its highest single-day inflow in over two weeks, as Bitcoin continues its sharp ascent, nearing the $112,000 mark.
On May 21, BlackRock’s spot Bitcoin ETF, IBIT, attracted $530.6 million in net inflows its largest since May 5, when it recorded $531.2 million, according to data from Farside Investors. The ETF hasn’t experienced a single day of outflows since April 9, signaling consistent investor demand amid Bitcoin’s price surge.
IBIT’s trading volume also spiked to its highest level since January, a period when Bitcoin reached an earlier all-time high, which held for several months. The ETF absorbed 4,931 BTC in just one day—over 10 times the 450 BTC mined during the same timeframe.
ETF momentum builds across the market
The surge wasn’t limited to BlackRock. Total daily inflows across all 11 U.S.-listed spot Bitcoin ETFs reached $607.1 million, with Fidelity’s Wise Origin Bitcoin Fund (FBTC) securing the second-largest inflow at $23.5 million.
ETF Store president Nate Geraci noted that IBIT’s trading activity pointed to even larger inflow numbers ahead. Bloomberg ETF analyst Eric Balchunas described the trend as a “classic feeding frenzy,” attributing it to Bitcoin’s ongoing price rally, which pushed the cryptocurrency close to $112,000 in early May 22 trading. He also noted that trading volumes across Bitcoin ETFs had doubled from their average levels, as reported by Cointelegraph.
BTC rally sparks investor rush
Bitcoin’s current rally saw it cross $110,000 on May 22 and continues to climb, peaking just shy of $111,897, as per TradingView data, at the time of reporting. The market frenzy is prompting both institutional and retail investors to seek exposure through ETFs.
Jeff Mei, chief operating officer at crypto exchange BTSE, told Cointelegraph that investors are “crowding into Bitcoin ETFs,” which have collectively seen $3.6 billion in net inflows so far in May. He believes the trend could intensify further if the Federal Reserve opts to cut interest rates in the near future.