BlackRock's Bitcoin ETF Consecutive Inflow Streak Dies On Day 71

It was a good run.

For BlackRock's Bitcoin ETF, $IBIT, it was very nearly a historic run of 71 straight days of money pouring into the fund. But that streak came to an end this week as the largest Bitcoin ETF was blanked on Wednesday.

As Bloomberg's Eric Balchunas noted, that win streak was only a few spots short of the longest consecutive stretch of daily inflows set by JPMorgan's Equity Premium Income ETF.

Perhaps in one way, it's a good reminder that slow and steady often wins the race. And to that end, Bitwise CEO Hunter Horsely expressed his optimism that wealth managers really are just getting started as more than $12 billion has now found its way into the Bitcoin ETFs.

"By the end of 2024, people are going to be stunned by how many wealth management firms own a bitcoin ETF," Horsely wrote on X. "They’re smart, many extremely well informed, and increasingly share conviction on Bitcoin. Oh, and they’re long only."

For some wealth managers, the demand for investing in Bitcoin is somewhat reflexive. A higher move in price begets more interest from clients, which results in higher price and the flywheel continues. As Fundstrat's Head of Digital Asset Strategy Sean Farrell told Coinage this week, if that swing catches a rally on a Fed rate cut, Bitcoin could still be poised to hit $125,000 by the end of the year.