As Bitcoin’s price flirts with a historic high near $112,000, BlackRock’s iShares Bitcoin Trust (IBIT) is attracting massive investor attention—pulling in its largest single-day inflow in over two weeks.
On May 21, IBIT brought in a staggering $530.6 million in net inflows, making it the strongest day for the fund since May 5, when it absorbed $531.2 million, according to figures from Farside Investors. What’s particularly notable is that IBIT hasn’t recorded an outflow since April 9—indicating a consistent wave of investor confidence in the product and in Bitcoin’s longer-term trajectory.
The momentum didn’t stop with inflows. Trading activity for IBIT surged as well, hitting its highest volume levels since January—back when Bitcoin had just touched a previous all-time high. The sheer volume suggests a surge in investor enthusiasm, triggered by Bitcoin’s ongoing rally in price and its increasing integration into traditional financial instruments.
To put things in perspective, IBIT snapped up 4,931 BTC in a single day. That’s more than ten times the number of new Bitcoins mined during the same period, which came in at only around 450 BTC. This level of accumulation has further amplified Bitcoin’s scarcity narrative, as institutional players continue to soak up supply at an aggressive pace.
Nate Geraci, president of the ETF Store, noted on X (formerly Twitter) that given the spike in volume, inflow numbers could rise even further in the short term. His observation aligns with broader market sentiment that this isn’t just a temporary surge—it could be part of a deeper, more structural shift in how investors approach digital assets.
Across all U.S.-based spot Bitcoin ETFs, May 21 saw a combined inflow of $607.1 million. Fidelity’s Wise Origin Bitcoin Fund (FBTC) came in second place behind BlackRock, adding $23.5 million to its holdings.
Bloomberg ETF analyst Eric Balchunas weighed in, calling the inflow surge a “classic feeding frenzy,” spurred on by Bitcoin’s recent price breakout. According to him, this pattern is reminiscent of January’s activity when ETF volumes last reached this level. “We’re seeing nearly all the major Bitcoin ETFs double their average flow,” he said, noting that institutional enthusiasm seems to be gaining momentum.
This resurgence in ETF activity is happening alongside Bitcoin’s steady march upward. Late on May 21, Bitcoin hit a new high on Coinbase, briefly touching $111,897 before pulling back slightly. But overall, the trend is unmistakably bullish.
Analysts believe the rally has more fuel in the tank. Jeff Mei, chief operating officer at crypto exchange BTSE, told Cointelegraph that the ongoing wave of capital into Bitcoin ETFs—amounting to $3.6 billion in May so far—shows no sign of slowing down. According to Mei, if the U.S. Federal Reserve shifts toward cutting interest rates, this flow of funds could accelerate even more. “Investors are crowding into these ETFs as part of a broader strategy to hedge against inflation and seek returns in a high-rate environment,” he explained.
Meanwhile, Jupiter Zheng, a partner at HashKey Capital, sees potential for increased volatility. With Bitcoin pushing into uncharted territory above $110,000, the market is entering a critical price discovery phase. “Ongoing geopolitical tension and uncertain macroeconomic signals are forcing investors to look at Bitcoin not just as a speculative asset, but as a long-term store of value,” Zheng commented.
In short, the appetite for Bitcoin exposure—particularly through regulated, institutional-grade ETFs—is rapidly growing. With BlackRock’s IBIT leading the charge, it’s clear that Bitcoin’s financialization is no longer a fringe story. It’s becoming a pillar of modern portfolio strategy.
