According to ETF analyst Eric Balchunas, IBIT “blew through $70 billion” on June 9. That run is roughly five times quicker than SPDR Gold Shares (GLD), which took 1,691 trading days to hit the same mark.
After a 31-day streak of fresh money, IBIT logged its largest single-day outflow—$431 million—on May 30. That shift is a reminder that these funds still move with Bitcoin’s own ups and downs.
If IBIT reaches that level, one single firm would match the original stash. It’s a sign of how big institutions are moving into a market once ruled by individuals.
In an interview last week, Blockstream CEO Adam Back opined that most individuals require an easy means of acquiring Bitcoin. According to him, most newcomers are unaware of how to configure wallets or manage private keys.
However, he also cautioned against keeping “90% of it in ETFs” as it would introduce new risks. His opinion reflects the conflict between access convenience and the preservation of Bitcoin’s original design.
BlackRock’s blockbuster ETF is a watershed for crypto. It reflects wealthy demand from institutional investors and brings Bitcoin within more mainstream accessibility. But it raises new questions about who controls the keys and how that power might shape markets.
Featured image from Creditcoin, chart from TradingView
