Blackrock, the largest asset manager in the world, has significantly increased its bitcoin holdings to over 300,000 bitcoins. This surge was fueled by a remarkable $217.7 million influx from all U.S. spot bitcoin exchange-traded funds (ETFs). The positive inflows on Thursday marked the 18th consecutive day of gains for these bitcoin ETFs.
The U.S. spot bitcoin ETFs have been flourishing lately, with a substantial $217.7 million inflow recorded yesterday. Leading the pack was Blackrock’s IBIT fund, which amassed a total of $350 million in inflows on Thursday. Other funds such as FBTC and HODL also saw smaller inflows, while BRRR, EZBC, and BTCW remained neutral. On the flip side, Grayscale’s GBTC witnessed around $37 million outflows, ARKB lost nearly $97 million, and BITB had a modest outflow of $2.9 million during the trading sessions.
Blackrock’s IBIT has now become the largest ETF in terms of assets under management, holding a staggering 302,539.99 BTC as of June 7, 2024. This translates to approximately $215.7 billion based on the current exchange rates. Fidelity’s FBTC is inching closer to the 200,000 BTC mark, with holdings of 173,759.06 BTC valued at $12.39 billion.
Despite the outflows seen on Thursday, Grayscale’s GBTC still holds 285,650.88 BTC valued at approximately $20.36 billion. The day saw trades totaling $1.42 billion. As Blackrock continues to amass bitcoins through its IBIT fund, it solidifies its position as a major player in the market. The varying fortunes of different funds in terms of inflows and outflows highlight the dynamic nature of the current market.
The streak of 18 consecutive days of inflows and Blackrock’s accumulation of over 300,000 bitcoins are certainly noteworthy. What are your thoughts on these developments? Feel free to share your opinions in the comments section below.
