TL;DR
- BlackRock, through its IBIT fund, holds more than 2% of Bitcoin’s circulating supply, making it one of the main institutional investors in cryptocurrencies.
- In a nine-day period, IBIT acquired 29,714 BTC, investing approximately $2 billion.
- With an accumulated net inflow of $23.69 billion, it stands out as the most successful ETF launched in the last four years.
BlackRock, through its IBIT (iShares Bitcoin Trust) fund, has reached a record in the crypto market by acquiring over 2% of BTC’s circulating supply.
In the last nine days, IBIT has purchased a total of 29,714 BTC, representing an investment of approximately $2 billion. This positions BlackRock as a leader in the Bitcoin exchange-traded funds (ETFs) market, demonstrating its interest in the cryptocurrency and its influence on institutional investment flows in the sector.
BlackRock's iShares Bitcoin Trust (IBIT) now holds over 2% of the $BTC circulating supply.
Notably, #BlackRock has been buying #Bitcoin for 9 consecutive trading days, totaling 29,714 $BTC ($1.99B).
This brought this ETF’s current holdings to 399,355 $BTC ($27.16B), or over 2%… pic.twitter.com/irnmq74Cjc
— Spot On Chain (@spotonchain) October 25, 2024
According to data provided by SpotOnchain, BlackRock has implemented a strong accumulation strategy. Over the last week, the firm acquired significant amounts of BTC on consecutive trading days, including purchases of 4,798 BTC on October 23 and 4,869 BTC on October 21. These acquisitions have raised IBIT’s total BTC holdings to 399,355 BTC, valued at approximately $27.16 billion, making the firm one of the leading institutional investors in Bitcoin.
BlackRock’s Bitcoin ETF is the Most Successful of the Last Four Years
The growing interest from BlackRock in Bitcoin highlights the potential of ETFs based on digital assets. IBIT has managed to capture the majority of net positive inflows. According to SoSoValue, BTC ETFs reported a net inflow of $188.11 million, of which $165.54 million came exclusively from IBIT. This has increased IBIT’s total accumulated net inflow to $23.69 billion, far surpassing other funds, such as Grayscale’s GBTC, which recorded a net outflow of $7.05 million.
Moreover, IBIT’s success is notable compared to other ETFs launched in recent years. According to analyst Eric Balchunas, IBIT has been the most successful ETF among the 1,800 investment options launched in the last four years. BlackRock’s strategy in the Bitcoin market has proven effective, supported by its ability to attract institutional investors and capitalize on the growing interest in cryptocurrencies.
According to the latest data from CoinMarketCap, Bitcoin (BTC) has risen by 1% in the last 24 hours, reaching a value of nearly $68,300. Its market capitalization stands at $1.35 trillion, while trading volume has dropped by 11%, down to $30.7 billion
