Exchange traded funds (ETFs) that are connected to cryptocurrencies continue to gain pace, notably with BlackRock’s iShares Bitcoin Trust (IBIT) rising to the forefront of the market.
Despite the fact that Bitcoin has been having difficulty maintaining the important $68,000 threshold, BlackRock has been aggressively capitalizing on the price drop by purchasing about 29,714 BTC, which is equivalent to nearly $2 billion, over the course of nine straight trading days. IBIT’s entire assets now amount to 399,355 Bitcoins, which is about $27.16 billion and represents more than 2% of the total quantity of Bitcoin that is now in circulation.
BlackRock’s investments comprised purchases of 2,436 Bitcoin on October 24 and 4,798 Bitcoin on October 23. These transactions took place on certain days.
While this was going on, Bitcoin spot exchange-traded funds (ETFs) recorded a total net influx of $188.11 million, with IBIT topping the pack with a net inflow of $165.54 million, bringing its overall net inflow to $23.69 billion.
Bitwise’s BITB recorded a daily influx of $29.63 million, in contrast to Grayscale’s GBTC, which had a net outflow of $7.05 million. IBIT stands out as the most successful exchange-traded fund (ETF) among the 1,800 ETFs that have been introduced in the last four years, with assets totaling $26 billion.
It has just had an extra $323 million in inflows, which demonstrates its dominance in the market. This is a testament to the fact that institutional interest in Bitcoin is still quite high.
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