In a major move, BlackRock, the world’s largest asset manager, has seen its Bitcoin (BTC) holdings soar to a staggering $12.3 billion. This notable milestone comes amid a historic surge in inflows to the BlackRock iShares Bitcoin ETF (IBIT).
In a major move, BlackRock, the world’s largest asset manager, has seen its Bitcoin (BTC) holdings soar to a staggering $12.3 billion. This notable milestone comes amid a historic surge in inflows to the BlackRock iShares Bitcoin ETF (IBIT).
According Arkham Intelligence, BlackRock received its largest on-chain inflow in one day during the week, amounting to 12,600 BTC worth $842 million. With this unprecedented inflow surge, BlackRock now owns 183,300 BTC worth $12.3 billion.
The BlackRock iShares Bitcoin ETF (IBIT) added 12,600 BTC in record inflows, surpassing previous daily highs of about 10,000 BTC, as the fund’s investors appeared to buy the dip in the world’s largest cryptocurrency, Bitcoin, as it fell from all time. maximums.
Bitcoin hit a new all-time high of $69,000 on Tuesday, only to fall sharply within minutes. The price fell more than 10% at one point, falling to lows of $59,224 on Coinbase, before recovering modestly.
With over 183,300 Bitcoins, Blackrock is closing in on Michael Saylor’s MicroStrategy stash of 193,000.
Investors have flocked to seek Bitcoin funds since the SEC allowed them in January. This year, the 10 funds have raised $8.9 billion. Excluding Grayscale’s spot fund, which existed in a previous fund structure, the newly approved funds have about $26 billion in assets. BlackRock iShares Bitcoin ETF (IBIT) has been the most popular Bitcoin ETF since its launch on January 11.
BlackRock’s sizable Bitcoin holdings are a positive sign for BTC, indicating that the cryptocurrency is maturing as an asset class. Bitcoin was initially dismissed as a speculative asset with little fundamental value, but it has proven to be a resilient and viable store of value in the face of economic instability.
At the time of writing, Bitcoin was trading at $67,552, up 1.16% over the previous 24 hours.