BlackRock’s Bitcoin ETF amassed an unprecedented 12.6K BTC during last week’s carnage

March 11, 2024

By Anjali Kochhar

According to the latest reports, the BlackRock iShares Bitcoin ETF (IBIT) devoured more than $778 million worth of Bitcoin (BTC)  on last Tuesday, as investors seized the opportunity to scoop up the dip in the world’s largest cryptocurrency.

12,600 Bitcoins were added by IBIT, surpassing the 10,000 daily record. The fund exceeded the previous record high of $3.3 billion from previous week with trading volumes of over 107 million shares, or over $3.6 billion price-weighted, according to data from Nasdaq.

The large inflows occurred when Bitcoin briefly reached a record high of $69,000 early on Tuesday before plunging precipitously within minutes. At one point, the price fell more than 10% to below $60,000, but it made a small comeback to the $63,000 region by the end of the U.S. trading day.

Approaching MicroStrategy’s (MSTR) 193,000 stack, the BlackRock ETF currently has more than 183,000 Bitcoin in its possession.

Since the products’ launch on January 11, IBIT has continued to be the most well-liked Bitcoin exchange-traded fund.

Out of all its counterparts, its assets under management currently stand at approximately $12 billion, with Fidelity’s FBTC coming in second at $7.2 billion.

ETF volumes exceeded previous week’s record last Tuesday, totaling over $10 billion.

About the author

Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.

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