NEW YORK, April 25, 2024 - BlackRock’s Bitcoin spot exchange-traded fund (ETF) continues to set new records, recently achieving an impressive streak of 71 consecutive days of inflows. This remarkable achievement is highlighted by Bloomberg Intelligence ETF analyst Eric Balchunas, who notes that the ETF's consistent performance surpasses that of several other notable funds.

The BlackRock Bitcoin ETF has now outpaced the Global Jets ETF, Vanguard’s bond market ETF, and its developed-markets ETF—funds Balchunas characterizes as “one-hit wonders” and “cash vacuum cleaners” due to their less enduring appeal. This latest milestone places BlackRock’s Bitcoin ETF among the top 10 funds of all time by inflow streak, though Balchunas acknowledges there remains significant progress to reach the top spot.

The longest recorded inflow streak for an ETF stands at 160 days, achieved by JPMorgan’s Equity Premium Income ETF. With current assets totaling $18.24 billion, BlackRock’s Bitcoin fund is already positioned within the top 3% of all ETFs ever launched.

Balchunas attributes the ETF’s success to gradual institutional investments in Bitcoin, where it serves more as a “hot sauce” enhancing broader portfolios rather than a central component. This approach reflects a trend where institutional investors incrementally add Bitcoin exposure, which contributes to the fund's steady inflows. “It shows that most of the bites are nibbles, but there are a lot of fish,” Balchunas explains.

However, not all of BlackRock’s cryptocurrency initiatives have experienced similar success. The firm's tokenized fund, BUIDL, launched on the Ethereum blockchain on March 20, has garnered only a modest number of investors so far. Despite a significant 200% surge shortly after its launch, on-chain data reveals that most of BUIDL’s assets have been dispersed across just 11 wallets.

Overall, while BlackRock's Bitcoin ETF continues to break records and attract significant institutional interest, the firm's other crypto ventures, like BUIDL, face varying degrees of market acceptance and investment.