BlackRock's Bitcoin ETF Sees $674.9M Inflow, Part of $4B Over 14 Days, as U.S. ETFs Hold $112B in BTC

U.S. spot Bitcoin ETFs have seen significant inflows, with BlackRock's iShares Bitcoin ETF (IBIT) leading the pack by attracting $674.9 million on May 2, marking its 14th consecutive day of inflows, totaling over $4 billion. This surge in investment comes amidst a backdrop of heightened market volatility and growing anticipation around monetary policy.

Overall, the total daily volume across all U.S. spot Bitcoin ETFs surpassed $2.8 billion in one day, indicating renewed institutional interest in Bitcoin. Additionally, the total value of Bitcoin held by U.S. ETFs has reached $112 billion, reflecting strong investor confidence in the cryptocurrency. Ethereum ETFs have also seen inflows, with $6.5 million on May 1 and $20.1 million on May 2.

BlackRock has officially recommended a 2% allocation to Bitcoin, suggesting a potential market cap of $18 trillion for Bitcoin, which could imply a price of approximately $900,000 per coin if the world's $900 trillion in assets followed this recommendation. BlackRock's recent purchases include over 26,000 Bitcoin this week, while Michael Saylor bought over 15,300 Bitcoin last week, totaling over 41,300 BTC, equivalent to three months of new supply. The market also faces $3.1 billion in shorts, which could be impacted as Bitcoin approaches $100,000.

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