Investors have been all over BlackRock’s spot Bitcoin exchange-traded fund (ETF) for the past three weeks, and it's showing—Bitcoin’s price surged to $97,000 on May 7, thanks to the massive interest. It's like the cool kid in school, and everyone’s scrambling to get in.

The BlackRock iShares Bitcoin Trust (IBIT) has been a magnet for capital, racking up 16 straight days of inflows. On May 6 alone, the fund saw another 280 Bitcoin (worth about $36 million) poured in, according to HODL15Capital. Talk about stacking up.

Nate Geraci, President of ETF Store, was quick to point out that the fund’s inflows were nearing a whopping $5 billion, and he couldn’t help but take a cheeky jab at the naysayers from last year. “Remember when they didn’t think spot Bitcoin ETFs would ever hit $5 billion in total?” he tweeted. “Well, IBIT has done that in just a few weeks. More than a year after launch.”

Record-Breaking Inflows and Fierce Competition

Since April 9, the BlackRock fund (IBIT) has pulled in around $4.7 billion, and it’s the only spot BTC ETF in the U.S. to see inflows this week. All the other Bitcoin funds have either seen outflows or been totally flat since May 1. Go big or go home, right?

On the flip side, Grayscale’s GBTC had a rough day on May 6, shedding almost $90 million in outflows, which put a damper on the ETF scene. But hey, IBIT’s stellar run is still more than making up for it.

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Spot Bitcoin ETFs see first outflow day this month. Source: Coinglass

Long-Term Confidence Boosted

Bloomberg’s ETF analyst Eric Balchunas sees all this action as a solid sign for the future. He’s got his eye on the long-term picture, saying this kind of success “inspires confidence in our call that BTC ETFs will have triple gold’s [ETF’s] AUM [assets under management] in 3 to 5 years.” Bold prediction, but the numbers are hard to argue with!

In related news, BattleShares is getting into the ETF game, filing for four new products on May 6 that aim to pit Bitcoin against Ethereum and gold, with some long and short positions mixed in. One ETF even plans to short Ether and go long on Bitcoin. Balchunas joked that the ticker for this one should be MAXI. Catchy, right?

Bitcoin Hits Resistance But Stays Strong

Bitcoin’s price is still riding high, topping $97,500 during early trading on May 7, before retreating slightly back to around $96,945. Despite the minor dip, this was a 2.2% daily gain, likely driven by New Hampshire becoming the first U.S. state to pass strategic Bitcoin reserve legislation on May 6. Talk about state-level power moves!

Satoshi Action Fund co-founder Dennis Porter was pretty hyped about the news, saying the chances of other states jumping on the Bitcoin bandwagon just went up massively.

The crypto sentiment was further lifted by reports that the U.S. and China are gearing up for high-level trade talks this weekend in Switzerland. According to Treasury Secretary Scott Bessent, they’re looking to address tariffs and trade barriers, and neither country wants to decouple—just wants to make fair trade happen.

The Road Ahead for Bitcoin and ETFs

All in all, Bitcoin’s still holding strong, with BlackRock’s ETF drawing in some serious cash. The momentum is building, and we’re here for it. Whether it’s the upcoming legislation or the U.S.-China trade talks, there’s no shortage of fuel for Bitcoin’s fire.

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