Blackrock, the largest asset manager globally, has recently reached a milestone by acquiring over 300,000 bitcoins. This achievement follows a positive influx of $217.7 million from all U.S. spot bitcoin exchange-traded funds (ETFs). The continuous growth in bitcoin ETFs has been evident, with Thursday marking the 18th consecutive day of gains.
The U.S. spot bitcoin ETF sector has been flourishing, with a significant increase of $217.7 million in inflows recorded yesterday. Blackrock's IBIT fund led the way with a total inflow of $350 million on Thursday. Other funds such as FBTC and HODL also saw some inflows, while BRRR, EZBC, and BTCW remained stable. However, Grayscale’s GBTC experienced outflows of around $37 million, ARKB lost nearly $97 million, and BITB had a modest outflow of $2.9 million during the trading sessions.
Blackrock's IBIT fund has now become the largest ETF by assets under management (AUM), holding a whopping 302,539.99 BTC as of June 7, 2024. This amount is valued at approximately $215.7 billion based on current exchange rates. Fidelity’s FBTC is also making strides towards the 200,000 BTC mark, with holdings of 173,759.06 BTC valued at $12.39 billion.
Despite the outflows recorded yesterday, Grayscale’s GBTC still holds 285,650.88 BTC valued at an estimated $20.36 billion. A total of $1.42 billion in trades were conducted throughout the day. Blackrock’s significant investment in bitcoins through its IBIT fund solidifies its position as a major player in the cryptocurrency market. The varying fortunes of different funds, with fluctuating inflows and outflows, reflect the dynamic nature of the current market.
What are your thoughts on the 18 days of consecutive inflows and Blackrock's accumulation of over 300,000 bitcoins? Feel free to share your opinions in the comments section below.