BlackRock’s IBIT saw a peak daily inflow of over 12,600 BTC a day after Bitcoin’s new all-time high.
Investment management company BlackRock has seen yet another all-time high in BTC inflow in its flagship spot Bitcoin exchange-traded fund (ETF) in a day. This time, over 12,600 BTC (worth $842 million) were deposited into the ETF product.
BlackRock’s IBIT Journey
In June 2023, BlackRock joined a cohort of financial companies filing for a spot Bitcoin ETF in the United States. The ETF product allows users to benefit from the price movement of the leading cryptocurrency, Bitcoin, within the traditional financial system. After months-long wait, the U.S. Securities and Exchange Commission (SEC) finally endorsed the product in the country.
On the first trading day (January 11th), BlackRock’s iShares Bitcoin Trust (IBIT) began garnering investors’ attention. Within days, IBIT climbed its way into becoming the second-largest spot Bitcoin ETF holder after Grayscale’s GBTC. However, with the steady outflows that have enveloped Grayscale’s Bitcoin ETF business, BlackRock has emerged as the top gainer, outperforming others offering the same product.
On March 6th, BlackRock raked in 12,623 BTC, the highest ever in a day. The record came a day after Bitcoin attained a new all-time high of approximately $69,300. The last time the IBIT product soaked in a huge sum from investors was on February 29th, when 10,140 BTC was added to its portfolio. This was the same day that BlackRock revealed plans to expand its Bitcoin ETF into the Brazilian financial market.
Current data shows that BlackRock’s IBIT accounts for 187,532 BTC, representing nearly half of the total BTC that has entered the spot Bitcoin ETF market, excluding Grayscale.
BTC Trades Above $68k
Bitcoin, the underlying digital asset upon which investors have poured billions of dollars into, has seen significant growth recently. With BTC reaching more mainstream audiences, its price continues to soar.
The spot Bitcoin ETF product played a key role in driving BTC to its current peak price. Today, BTC trades at $68,500, representing a 2.2% increase in the last 24 hours.
Source: CoinStats
