BlackRock’s Spot Bitcoin ETF Receives Influx of Funds
BlackRock’s spot Bitcoin exchange-traded fund (ETF) iShares Bitcoin Trust (IBIT) has received a significant inflow of $515.84 million today. Nine Bitcoin ETFs in total have added 8,021 Bitcoins worth $532.93 million, showing a strong interest in the cryptocurrency market.
The Upward Trend of Spot Bitcoin ETF
The recent resilience of the cryptocurrency community reflects a growing trust in decentralized finance. Spot Bitcoin ETFs, originally launched in January 2024, have overcome challenges such as the German government’s BTC sell-off and market volatility. Despite initial low inflows due to fear, uncertainty, and doubt (FUD), the BTC ETF is now seeing increased interest and investment.
Currently, data from the Lookonchain chain indicates that 9 spot BTC ETFs have added a total of $532.93 million in Bitcoin holdings, signaling a positive trend in the market.
Bitcoin Market Update
As of now, Bitcoin (BTC) is valued at $66,211, experiencing a slight 1.2% decrease in the last 24 hours, according to CoinGecko. The global cryptocurrency market is valued at $2.55 trillion, with BTC holding a dominant market share of $1.32 trillion, representing 51.82% of the market.
In today’s update, BlackRock has added 7,764 Bitcoins worth $515.84 million to its holdings, bringing its total Bitcoin holdings to 334,943 Bitcoins valued at $22.25 billion. Grayscale has also increased its holdings by 268 Bitcoins worth $17.8 million, with a total of 272,062 Bitcoins worth $18.08 billion.
The surge in Bitcoin ETF investments and market value reaffirm the growing interest and confidence in the cryptocurrency space, as institutional investors continue to participate in the market.
