In the last five trading days, spot bitcoin ETFs have seen net inflows of more than $2.1 billion, with BlackRock accounting for half of those sales. Of the 80% of direct investors buying IBIT, BlackRock's chief investment officer of ETFs and index investments says 75% had never before owned an iShare.

BlackRock's spot Bitcoin exchange-traded product (ETP) is bringing in a crowd Wall Street isn’t used to seeing. A ton of first-timers who are just crypto investors.

Wood believes institutional investors will allocate about $6 trillion to Bitcoin by 2030, while Chhugani at Bernstein estimates a slightly more conservative $3 trillion by 2033. For context, spot Bitcoin ETFs have accumulated $63 billion in assets, which is about 1% of Wood's prediction and 2% of Chhugani's prediction.

Impressively,7, BlackRock's IBIT amassed net inflows of $309 million, bringing the net US Bitcoin ETFs inflow to over $470 million.

This week, BlackRock’s spot Bitcoin ETF has taken in over $1 billion alone, representing its sixth largest week of inflows on record based on partial-week data. But the trend isn’t limited to just the Wall Street titan’s product, Butterfill said, with notable inflows across those from several asset managers.

Bitcoin hit $67,800 after BlackRock CEO Larry Fink confirmed Bitcoin as an asset class, marking a major shift in financial markets.

BlackRock’s Bitcoin ETF received more than $1.05 b in the past five trading days as investors continue to show more interest in the spot products.

ETF has attracted over $1 billion in inflows this week alone, which has helped propel the apex crypto to a 10% seven-day gain. What Happened: According to data from SoSo Value, spot bitcoin ETFs in the