BlackRock Had Its Biggest Bitcoin Day in Five Weeks.
It’s always so odd to me what causes the price of Bitcoin to go up or down. I’ve seen price go up because of a banking crisis, I’ve seen it go down because of boredom (hello 2025 bull run).
So what’s going to cause the next big leg up or down is anybody’s guess but there is something interesting that did happen.
On April 9 which coincides with the same day Trump announced a conditional ceasefire with Iran — BlackRock’s IBIT posted $269.3 million in net inflows which is a five-week high.
Fidelity’s FBTC added $53.3 million the same day. Morgan Stanley’s newly launched MSBT added $14.9 million on its second day of trading. Total ETF inflows across all 12 U.S. spot Bitcoin funds: $358.1 million that day alone.
Multiple sources confirmed BlackRock’s clients were explicitly positioning the purchase as a hedge against geopolitical instability and fiat currency risk — particularly the oil price shock from the ongoing Iran conflict. BlackRock’s total Bitcoin accumulation since the conflict began: over $3 billion.
For some Bitcoin is just a way to get rich but others truly do view it as the ultimate inflation hedge. Me personally I’m in the “why not both?” camp.
The narrative that Bitcoin is just a “risk asset” that falls with stocks during crises is morphing and changing over time. When oil goes above $100 and inflation fears spike, Larry Fink’s clients aren’t selling Bitcoin, they’re buying it.
Does that say speculation or store of value behavior? To me, it seems to be the latter.
For years, Bitcoin critics argued that a real geopolitical crisis would expose Bitcoin as speculative fluff, for now that thought seems to not be holding up so well to the real world outcome.
This Wednesday, the SEC Holds a Roundtable That Could Unlock Trillions
Three days from now — Wednesday, April 16 — the SEC is holding an official roundtable on the CLARITY Act.
There’s been some rumblings that Coinbase CEO Brian Armstrong is happier with the deal and the banks are as well so we may be closer to getting the law established around cryptocurrency than ever.
Of course on Polymarket the odds have gone up and down so much that it resembles a rollercoaster.
The CLARITY Act is the piece of legislation that would finally answer a question that’s been hanging over crypto for years: which regulator is actually in charge?
The bill, which passed the House 294-134 back in July 2025, draws a clean line between what the SEC oversees (digital securities) and what the CFTC oversees (digital commodities like Bitcoin). It passed with bipartisan support. It’s been stuck in Senate committee ever since, partly over a side dispute about whether stablecoins can offer yield.
The April 16 roundtable is hoping to create another push of momentum toward getting it done before summer recess and midterm voting season begins.
SEC Chair Paul Atkins — who already co-signed a joint interpretation with the CFTC last month explicitly classifying Bitcoin as a digital commodity — is pushing for this to cross the finish line before the midterm election cycle swallows the Senate calendar.
JPMorgan analysts have called passage a “positive catalyst” that could trigger institutional inflows “similar to what followed the Bitcoin ETF approvals in January 2024 but broader in scope.”
That’s not a small statement. The ETF approval triggered the most significant institutional adoption wave in Bitcoin’s history.
The CLARITY Act would be the next one.
If it passes, pension funds and insurance companies currently sidelined by legal ambiguity get their green light. Custody frameworks get clarified. The entire DeFi ecosystem in the U.S. gets a legal on-ramp. And Bitcoin, already formally classified as a digital commodity, sits at the center of all of it.
Wednesday isn’t the finish line but it is where the refreshments and a little snack pick me up are waiting on this long marathon on the grown of Bitcoin.
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Last Thing… Morgan Stanley’s Bitcoin ETF Is Off to a Strong Start
Quick update on something that dropped last week and deserves a mention.
On April 8, Morgan Stanley officially launched MSBT — its spot Bitcoin ETF.
First day: $30.6 million in net inflows.
Amy Oldenburg, Morgan Stanley’s ETF chief, called it their “best first day of trading for any of our ETFs.”
"First they ignore you, then they laugh at you, then they fight you, then you win."
And this is a BIG win for Bitcoin.
The fee caught attention: 14 basis points annually, versus BlackRock’s IBIT at 25 bps. Nearly half the cost. Morgan Stanley is also planning to roll out direct Bitcoin spot trading through E*Trade in the first half of 2026, which would give everyday retail clients a familiar, low-friction on-ramp to buy Bitcoin the same way they buy Apple stock.
The bank manages $9.3 trillion in client assets across 16,000 financial advisors. That’s the distribution engine now pointing at Bitcoin.
Nothing explosive to read into here — it’s early days, and IBIT still has a massive liquidity and options market advantage. But the direction is clear. Another major Wall Street institution has entered the market with a competitive product and a massive built-in audience. Year three of Bitcoin ETFs looks very different from year one.