BlackRock's iShares Bitcoin Trust (IBIT) has been on a record-breaking streak

BlackRock's iShares Bitcoin Trust (IBIT) has been on a record-breaking streak, with investors pouring money into the fund for 16 consecutive days.

Investors are continuing to pour money into BlackRock’s iShares Bitcoin Trust (IBIT), helping to push Bitcoin prices close to $97,000.

What Happened: The largest US Bitcoin ETF added another 280 Bitcoin (BTC) , or about $36 million, on May 6, continuing a streak of no outflows since April 9, according to HODL15Capital.

The fund is now approaching $5 billion in new capital over the past few weeks of steady inflows.

“*16* day inflow streak for iShares Bitcoin ETF...

Approaching $5bil in new $$.

I remember when naysayers didn't think spot bitcoin ETFs would take in $5bil *total* last yr.

As in *all* spot bitcoin ETFs.

IBIT alone has done this in a few weeks more than a yr after launch,” ETF Store President Nate Geraci said on X.

The total inflow to BlackRock's fund has reached around $4.7 billion during this period.

In contrast, other spot Bitcoin ETFs in the US have seen outflows or no movement since May 1, according to data from Farside Investors.

The most recent trading day on May 6 saw an aggregate outflow of $86.4 million across all Bitcoin ETFs. This was mainly due to Grayscale's GBTC fund, which shed nearly $90 million, effectively canceling out the gains from BlackRock's product.

"This is truly remarkable and bodes well for the long-term outlook," Bloomberg ETF analyst Eric Balchunas said.

"Inspires confidence in our call that BTC ETFs will have triple gold's [ETF's] AUM in 3 to 5 years."

Related Link: Bitcoin Price Technical Analysis: BTC Remains Bounded, Hovers Near Key Levels As New Hampshire Passes Bitcoin Reserve Law

What's Next: BattleShares filed for four new ETFs on Tuesday. These innovative funds aim to pit Bitcoin against Ethereum and gold using various combinations of long and short positions.

One of these proposed ETFs would take a long position on Bitcoin while shorting Ethereum.

Commenting on this product, Balchunas suggested "The ticker should be MAXI," a reference to "Bitcoin maximalists" who favor Bitcoin over other cryptocurrencies.

Bitcoin prices have returned to resistance levels, briefly exceeding $97,500 during early trading on May 7. The asset reached similar levels as on May 2 but couldn't maintain the momentum, falling back to $96,538 at the time of reporting, according to CoinGecko data.

The daily gain of 2.2% may have been influenced by New Hampshire's recent legislative move. On Tuesday, the state became the first in the US to pass strategic Bitcoin reserve legislation.

"The odds of multiple states passing Strategic Bitcoin Reserve legislation into law just went up by a massive amount today," Satoshi Action Fund co-founder and CEO Dennis Porter said.

Market sentiment may have received an additional boost from reports about upcoming US-China trade talks. According to the Washington Post, the two nations plan to hold high-level discussions in Switzerland this weekend.

Treasury Secretary Scott Bessent confirmed this on X, writing: "We will meet on Saturday and Sunday to discuss our shared interests. The current tariffs and trade barriers are unsustainable, but we don't want to decouple. What we want is fair trade."