Bitcoin ETF

Bitcoin

BlackRock

The crypto linked exchange-traded funds (ETFs) bonanza continues as the freshly launched Bitcoin (BTC) investment funds printed greed index for another day. Amid the continuous inflow seen over the past few weeks, BlackRock IBIT turns out to be stealing the show here. 
Bitcoin price has seen a marginal decline over the last 7 days as it failed to retain the crucial $68,000 mark. It seems like BlackRock is buying the BTC price dip to maintain its position of being the leader among all other ETFs. 
<h3 id="span-style-font-weight-400-blackrock-s-bitcoin-etf-buying-frenzy-span">BlackRock’s Bitcoin ETF buying frenzy</h3> 
As per the <a href="https://x.com/spotonchain/status/1849666711039115763" rel="nofollow" target="_blank">data</a> shared by SpotOnchain, BlackRock has been buying Bitcoin for 9 consecutive trading days. It has added around 29,714 BTC (approx. worth $2 billion) in this period. This move has brought BlackRock’s <a href="https://www.cryptopolitan.com/blackrock-buys-the-bitcoin-dip-2009s-whale-cashes-out/">iShares</a> Bitcoin Trust (IBIT) holdings to 399,355 BTC (approx. worth $27.16 billion) or you can say it holds over 2% of Bitcoin’s circulating supply. 
The investment fund bought 2,436 BTC on October 24 and scooped a massive 4,798 BTC on October 23. It added 637 BTC on October 22 and another huge chunk of 4,869 BTC on October 21. There have been 3 other instances where BlackRock’s IBIT had added more than 4,300 BTC over the last 9 days. 
According to SoSoValue data, Bitcoin spot ETFs reported a total net inflow of $188.11 million. The highest net inflow for the day was recorded by BlackRock’s ETF IBIT, with a daily net inflow of $165.54 million. This took its total net inflow to $23.69 billion. 
<figure id="attachment_605404" aria-describedby="caption-attachment-605404" style="width: 100%" class="wp-caption alignnone">
 <img loading="lazy" decoding="async" class="wp-image-605404 size-full" src="https://www.cryptopolitan.com/wp-content/uploads/2024/10/Btc-ETF-25-oct.jpg" alt="BlackRock's IBIT now holds over 2% of the BTC circulating supply." width="752" height="263" srcset="https://www.cryptopolitan.com/wp-content/uploads/2024/10/Btc-ETF-25-oct.jpg 752w, https://www.cryptopolitan.com/wp-content/uploads/2024/10/Btc-ETF-25-oct-300x105.jpg 300w" sizes="(max-width: 752px) 100vw, 752px">
 <figcaption id="caption-attachment-605404" class="wp-caption-text">
 Source: SosoValue
 </figcaption>
</figure> 
Grayscale’s GBTC had a net outflow of $7.05 million which brings GBTC’s total historical net outflow to $20.11 billion. However, Bitwise’s BITB had a daily net inflow of $29.63 million. 
<h3 id="span-style-font-weight-400-blackrock-s-ibit-etf-dominates-span">BlackRock’s IBIT ETF dominates</h3> 
Eric Balchunas in an X post stated that in the last four years, 1,800 ETFs have launched and IBIT turns out to be the most successful of all of them at $26 billion.&nbsp; 
Just yesterday, IBIT saw another $323 million pouring in and outperforming competitors by miles. This could be BlackRock’s brand power alone or they are marketing this fund very smartly. With inflows seen in 9 of the last 10 months, these ETFs aren’t slowing down, especially when the market is entering into the bull territory. Institutions are here, and they’re pushing Bitcoin’s price up only.

BlackRock’s IBIT now holds over 2% of the BTC circulating supply

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