In the last five trading days, spot bitcoin ETFs have seen net inflows of more than $2.1 billion, with BlackRock accounting for half of those sales. Of the 80% of direct investors buying IBIT, BlackRock's chief investment officer of ETFs and index investments says 75% had never before owned an iShare.

BlackRock's spot Bitcoin exchange-traded product (ETP) is bringing in a crowd Wall Street isn’t used to seeing. A ton of first-timers who are just crypto investors.

Wood believes institutional investors will allocate about $6 trillion to Bitcoin by 2030, while Chhugani at Bernstein estimates a slightly more conservative $3 trillion by 2033. For context, spot Bitcoin ETFs have accumulated $63 billion in assets, which is about 1% of Wood's prediction and 2% of Chhugani's prediction.

This week, BlackRock’s spot Bitcoin ETF has taken in over $1 billion alone, representing its sixth largest week of inflows on record based on partial-week data. But the trend isn’t limited to just the Wall Street titan’s product, Butterfill said, with notable inflows across those from several asset managers.

Impressively,7, BlackRock's IBIT amassed net inflows of $309 million, bringing the net US Bitcoin ETFs inflow to over $470 million.