You’ll Never Guess Why BlackRock’s Bitcoin ETF Is the Talk of the Town—Again! 🧐💰

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One cannot but observe—with no small degree of astonishment—that BlackRock’s celebrated spot Bitcoin ETF (IBIT) has once more secured its place at the very pinnacle of financial society. On the ninth day of May, this enterprising fund was flattered by an additional $356.2 million in affectionate inflows. Indeed, it has extended its streak of daily admirers to a prodigious nineteen days; an achievement unmatched this year, and quite the talk among those inclined to speculation (and, dare I say, a little drama).

Since the fourteenth of April, IBIT has enjoyed a relentless parade of admirers, undeterred by the mercurial temperament of Bitcoin itself. The coin, ever the flirt, has danced between $83,152 and $103,000 throughout this period. One cannot help but notice the collective mood brightening immensely as Bitcoin, like a dashing suitor, reclaimed and then lingered above $90,000 on April twenty-third, only to make a much-anticipated entrance at $100,000 on May eighth (one could hardly ask for a more dramatic return, unless perhaps Mr. Darcy were involved).

Of Gentlemen, Inflows, and Volatile Fortunes

This last trading week alone, IBIT amassed a grand total of $1.03 billion, according to Farside data. (One might wonder if the fund possesses a secret charm, or simply a more alluring coat.)

Its previous longest streak of inflows in this year was a mere nine days, delightfully coinciding with the rather stirring event of President Donald Trump’s inauguration—a period when excitement of every kind was, it seems, quite in fashion.

Lest we forget, the original streak of success—extending a majestic 104 days from its debut in January 2024—culminated just as Bitcoin waltzed into a new all-time high of $73,679 in March, before executing (as all high society does) a very proper and strategic retreat into the more “reasonable” mid-$60,000s. One wonders if the asset is not, at times, a little vain about its own value. 😏

As If Awards Could Make It Any More Popular 🎉

It is, perhaps, little surprise that on the twenty-third of April, BlackRock’s beloved ETF was named the “Best New ETF” at the annual etf.com awards—a triumph Mrs. Bennet herself could envy. Bloomberg’s Eric Balchunas—never one to withhold a favorable judgment—remarked in a rather approving tone that this “feels right to me.” (High praise indeed!)

Elsewhere, Bitwise’s André Dragosch, a gentleman of much speculation, has declared that as Bitcoin wins the confidence of ever more distinguished institutions, it may soon acquire the “structural” charm to outshine even gold. In his words, a wager has been made: $1 million by 2029. (A sum one could scarcely envision unless in a fevered dream, or perhaps a particularly lengthy Austen novel.)

“Our in-house prediction is $1 million by 2029. So that Bitcoin will match gold’s market cap and total addressable market by 2029,” he revealed in tones of great anticipation—no doubt envisioning a future ball where Bitcoin, bedecked in laurels, is the handsomest partner in the room. 💃🕺

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2025-05-10 10:22