BlackRock's Bitcoin ETF Attracts $5 Billion Over 20 Days, Goldman Sachs Increases Stake as Bitcoin Hits $104,368

BlackRock's iShares Bitcoin Trust (IBIT) has achieved a record-breaking streak of net inflows over the past 20 trading days, attracting over $5 billion in new funds, the longest such streak for any spot bitcoin ETF this year. This surge has contributed to the ETF's holdings reaching 625,000 Bitcoin, reflecting strong institutional interest in cryptocurrency.

Goldman Sachs has significantly increased its exposure to Bitcoin through IBIT, boosting its holdings by 28% to a total of $1.4 billion, with 30.8 million shares, making it the largest known owner of BlackRock's spot Bitcoin ETF. This move underscores the growing confidence among major financial institutions in digital assets.

The broader market for digital asset funds saw a significant influx of $882 million last week, with Bitcoin ETFs alone accounting for $867 million of the total. This trend is driven by factors such as a global rise in M2 money supply, stagflationary risks in the U.S., and several U.S. states approving Bitcoin as a strategic reserve asset. At the time of writing, Bitcoin was trading at $104,368, having gained 10.9% in the past week and 25.1% over the past month.

MicroStrategy has continued its aggressive acquisition of Bitcoin, purchasing an additional 13,390 BTC worth $1.34 billion, bringing its total holdings to 568,840 BTC. This move, alongside purchases by other entities like Jack Mallers' Twenty One and Metaplanet, indicates a robust demand from treasury companies for Bitcoin.

Amidst the Bitcoin-centric developments, the altcoin Sui has attracted significant institutional interest, recording $11.7 million in inflows last week, outperforming other major altcoins like Solana, which saw $3.4 million in outflows, and Ethereum. Year-to-date, Sui has attracted $84 million in inflows, compared to Solana's $76 million.

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