BlackRock ETF buys 3.25% of BTC supply as New Bitcoin Capital dries up
The post BlackRock ETF buys 3.25% of BTC supply as New Bitcoin Capital dries up appeared on BitcoinEthereumNews.com. Update June 20, 1:49 pm UTC: This article has been updated to include quotes from Brickken analyst Enmanuel Cardozo. BlackRock’s spot Bitcoin exchange-traded fund (ETF) is nearing the $70 billion mark in assets under management, signaling growing interest from institutional investors even as retail inflows appear to be slowing. BlackRock, the world’s largest asset manager, has acquired over $69.7 billion worth of Bitcoin (BTC) through its iShares Bitcoin Trust (IBIT) ETF, representing over 3.25% of the total BTC supply. BlackRock’s IBIT ETF now controls over 54.7% of the market share of all US spot Bitcoin ETFs, which hold 6.12% of the current Bitcoin supply, according to Dune data. BlackRock’s milestone comes less than a year and a half after US spot Bitcoin ETFs debuted for trading on Jan. 11, 2024. US spot Bitcoin ETFs by market share. Source: Dune BlackRock’s growing Bitcoin stack signals that “institutional players are here for the long run,” according to Enmanuel Cardozo, market analyst at asset tokenization platform Brickken. “Large institutions like BlackRock are a big part of the price action, and supply scarcity is an important driver right now,” the analyst told Cointelegraph, adding that Bitcoin has historically outperformed global assets after major geopolitical conflicts. The milestone comes amid sustained inflows into the ETF market. US Bitcoin ETFs logged eight consecutive days of net positive flows, bringing in $388 million in Bitcoin on Wednesday, according to Farside Investors. Bitcoin ETF Flow, millions. Source: Farside Investors IBIT has also entered the world’s top 25 largest ETFs by assets under management. BlackRock’s fund has grown to become the world’s 23rd largest ETF among crypto and traditional finance products, according to data from VettaFi. Still, some analysts say that the demand for ETFs is being offset by profit-taking and selling pressure from miners. “A breakout may need…
The post BlackRock ETF buys 3.25% of BTC supply as New Bitcoin Capital dries up appeared on BitcoinEthereumNews.com.
Update June 20, 1:49 pm UTC: This article has been updated to include quotes from Brickken analyst Enmanuel Cardozo. BlackRock’s spot Bitcoin exchange-traded fund (ETF) is nearing the $70 billion mark in assets under management, signaling growing interest from institutional investors even as retail inflows appear to be slowing. BlackRock, the world’s largest asset manager, has acquired over $69.7 billion worth of Bitcoin (BTC) through its iShares Bitcoin Trust (IBIT) ETF, representing over 3.25% of the total BTC supply. BlackRock’s IBIT ETF now controls over 54.7% of the market share of all US spot Bitcoin ETFs, which hold 6.12% of the current Bitcoin supply, according to Dune data. BlackRock’s milestone comes less than a year and a half after US spot Bitcoin ETFs debuted for trading on Jan. 11, 2024. US spot Bitcoin ETFs by market share. Source: Dune BlackRock’s growing Bitcoin stack signals that “institutional players are here for the long run,” according to Enmanuel Cardozo, market analyst at asset tokenization platform Brickken. “Large institutions like BlackRock are a big part of the price action, and supply scarcity is an important driver right now,” the analyst told Cointelegraph, adding that Bitcoin has historically outperformed global assets after major geopolitical conflicts. The milestone comes amid sustained inflows into the ETF market. US Bitcoin ETFs logged eight consecutive days of net positive flows, bringing in $388 million in Bitcoin on Wednesday, according to Farside Investors. Bitcoin ETF Flow, millions. Source: Farside Investors IBIT has also entered the world’s top 25 largest ETFs by assets under management. BlackRock’s fund has grown to become the world’s 23rd largest ETF among crypto and traditional finance products, according to data from VettaFi. Still, some analysts say that the demand for ETFs is being offset by profit-taking and selling pressure from miners. “A breakout may need…
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