BlackRock's Bitcoin Trust surpasses gold-backed ETF inflows despite the precious metal's historic rally

BlackRock’s iShares Bitcoin Trust (IBIT) has attracted more capital this year than the largest gold-backed ETF.

On May 6, Bloomberg Senior ETF analyst Eric Balchunas reported that IBIT ranked as the US’ sixth-highest fund by year-to-date inflows.

According to the data, IBIT has pulled in over $6.9 billion since January, outperforming the SPDR Gold Shares (GLD), which recorded around $6.5 billion in the same period despite a 23% surge in returns.

BlackRock’s IBIT vs SPDR GLD (Source: X/Balchunas)

During this period, data shows that gold’s price hit a new all-time high of $3,500/oz for the first time in history, and its share of global reserves surged to 18%, a 26-year high.

Balchunas highlighted how this performance reinforces confidence in Bitcoin ETFs. He noted that attracting more cash than gold under such market conditions is a strong signal of IBIT’s long-term potential.

He said:

“To take in more cash in that scenario is really good sign for long term, and inspires confidence in our call that BTC ETFs will have triple gold’s aum in 3-5yrs.”

Meanwhile, IBIT’s record numbers have been strongly propelled by the steady inflows over the past three weeks, and it has outpaced its peers in the spot Bitcoin ETF market.

Data from SoSo Value reveals that the fund is the only US-listed Bitcoin ETF to post continuous inflows for 15 straight trading sessions.

In the last week alone, the fund added nearly $2.5 billion in net inflows. It continued that momentum on May 5 with another $531 million, starting the week on a strong note.

ETF Store President Nate Geraci highlighted a shift in market participants, saying:

“I remember when it was all just degen retail buying.”

He added that this suggests that a more diverse and institutional audience is now participating in the market.

The shift likely stems from increased demand for regulated exposure to BTC, especially during uncertain macroeconomic times. ETFs like IBIT offer a gateway for traditional investors to tap into crypto markets without directly holding the assets, reinforcing the top crypto’s growing role in modern portfolios.