Investors have been piling into BlackRock’s spot Bitcoin exchange-traded fund for over three weeks straight, culminating in the asset’s run up to $97,000 on May 7.

The BlackRock iShares Bitcoin Trust has seen 16 days of inflows for the spot BTC ETF, with a further 280 Bitcoin (BTC) or around $36 million piling into the fund on May 6, according to HODL15Capital.  

The inflow streak was noted by ETF Store President Nate Geraci, who also observed on X that the fund was approaching $5 billion in new capital. 

“I remember when naysayers didn’t think spot Bitcoin ETFs would take in $5 billion in total last year,” he added. 

“IBIT alone has done this in a few weeks, more than a year after launch.”

The BlackRock fund (IBIT) has seen around $4.7 billion in inflows since its last outflow day on April 9.

Additionally, it is the only spot BTC ETF in the United States to post inflows this week, with all other funds outflowing assets or seeing zero flows since May 1, according to Farside Investors. 

The last trading day on May 6 saw an aggregate outflow of $86.4 million as Grayscale’s GBTC shed almost $90 million, offsetting the BlackRock inflows. 

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

It is a really good sign for the long term, commented Bloomberg ETF analyst Eric Balchunas, adding that it “Inspires confidence in our call that BTC ETFs will have triple gold’s [ETF’s] AUM [assets under management] in 3 to 5 years.”

Related: US Bitcoin ETFs bought 6x more than BTC miners produced last week

In related news, BattleShares has filed for four ETFs on May 6 aimed at pitting Bitcoin against Ethereum and gold with a mix of long and short positions.

“A new ETF is going to go long Bitcoin and short Ether,” commented Balchunas about one of the ETFs, who added, “The ticker should be MAXI.”

Bitcoin back at resistance 

Spot Bitcoin prices have returned to resistance, briefly topping $97,500 during early trading on May 7. 

The asset revisited May 2 price levels but could not advance further, falling back to $96,538 at the time of writing, according to CoinGecko. 

The 2.2% daily gain may have been partly driven by New Hampshire becoming the first US state to pass strategic Bitcoin reserve legislation on May 6. 

“The odds of multiple states passing Strategic Bitcoin Reserve legislation into law just went up by a massive amount today,” commented Satoshi Action Fund co-founder and CEO Dennis Porter. 

Sentiment may have also been boosted by reports that the United States and China are planning to hold high-level trade talks in Switzerland this weekend, according to the Washington Post. 

“We will meet on Saturday and Sunday to discuss our shared interests,” Treasury Secretary Scott Bessent wrote on X. “The current tariffs and trade barriers are unsustainable, but we don’t want to decouple. What we want is fair trade,” he added. 

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