BlackRock’s Spot Bitcoin ETF Sees Inflow of $515.84 Million
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 have collectively added 8,021 Bitcoins, amounting to $532.93 million in total.
Resilience of Spot Bitcoin ETF in the Market
The recent performance of spot Bitcoin ETFs reflects the trust in decentralized finance within the cryptocurrency community. Despite facing challenges such as the German government’s BTC sell-off, the BTC ETF has shown resilience. Initial low inflows due to fear, uncertainty, and doubt (FUD) have been overcome as the ETF trended positively in the market.
Customers utilizing defunct Japanese cryptocurrency exchange Mt. Gox for BTC transactions have contributed to the green trend of the BTC ETF. Data from Lookonchain indicates that 9 spot BTC ETFs have boosted their Bitcoin holdings by $532.93 million.
Current State of Bitcoin Market and ETF Holdings
Bitcoin (BTC) is currently valued at $66,211, showing a 1.2% decline in the last 24 hours, as per CoinGecko data. The global cryptocurrency market is worth $2.55 trillion, with BTC holding a dominant share of $1.32 trillion, representing 51.82% of the market dominance.
In the latest update, BlackRock has added 7,764 Bitcoins, amounting to $515.84 million, bringing their total holdings to 334,943 Bitcoins valued at $22.25 billion. Additionally, Grayscale has increased their holdings by 268 Bitcoins worth $17.8 million, totaling 272,062 Bitcoins valued at $18.08 billion.
Also Read: Spot Ethereum ETF Launches – Here’s What You Should Know
