Investors have been flocking to BlackRock's spot Bitcoin exchange-traded fund for over three consecutive weeks, driving the asset's price up to $97,000 on May 7. The BlackRock iShares Bitcoin Trust has experienced 16 days of inflows for the spot BTC ETF, with an additional 280 Bitcoin, equivalent to around $36 million, pouring into the fund on May 6. ETF Store President Nate Geraci highlighted the fund's approaching milestone of $5 billion in new capital. Since April 9, the BlackRock fund (IBIT) has accumulated approximately $4.7 billion in inflows. Notably, it is the sole spot BTC ETF in the US to record inflows this week, while other funds have either seen outflows or remained stagnant since May 1. The recent surge in inflows has been viewed positively for the long term, with expectations that BTC ETFs will surpass gold ETFs' assets under management in the next 3 to 5 years. Read more AI-generated news on: https://app.chaingpt.org/news

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