BlackRock Bitcoin ETF Capitalizes, Adds 12.6K BTC in Tuesday's Tumble

Highlights

The BlackRock iShares Bitcoin ETF (IBIT) acquired a record 12,600 BTC worth over $778 million in a single day.
Bitcoin's price briefly hit a new all-time high of $69,000 before plunging over 10%.
Trading volumes for the IBIT surged to more than 107 million shares, equivalent to over $3.6 billion, setting a new record.

The BlackRock iShares Bitcoin ETF (IBIT) witnessed an unprecedented accumulation of Bitcoin (BTC) on Tuesday, securing over $778 million worth of the cryptocurrency. This substantial acquisition consisted of 12,600 BTC, setting a new record for daily acquisitions by the fund, which previously peaked at around 10,000 Bitcoin. The transaction occurred amidst a volatile market session, where Bitcoin prices experienced a significant fluctuation.

According to data from Nasdaq, the ETF’s trading volumes surged to more than 107 million shares, translating to over $3.6 billion price-weighted. This volume surpasses the prior record of $3.3 billion set last week, emphasizing the growing investor interest in Bitcoin and related financial products. The ETF’s robust activity coincided with Bitcoin’s price dynamics, where it momentarily reached a new all-time high of $69,000 before experiencing a sharp decline.

BlackRock Closes Gap on MicroStrategy’s Bitcoin Holdings

The swift reversal in Bitcoin’s value saw a more than 10% drop to below $60,000, only for it to recover modestly to the $63,000 range by the end of the trading day in the U.S. Despite these market gyrations, the BlackRock iShares Bitcoin ETF continued to attract significant investment, underscoring the fund’s appeal among investors looking to capitalize on the dip in Bitcoin prices. The fund now boasts holdings of more than 183,000 Bitcoin, closely trailing MicroStrategy’s (MSTR) accumulation of 193,000 Bitcoin.

The BlackRock ETF has established itself as the foremost Bitcoin ETF since its inception on January 11, with its assets under management reaching approximately $12 billion, the highest among its peers. Fidelity’s Bitcoin ETF (FBTC) follows with $7.2 billion in assets under management. The surge in ETF volumes, breaking the $10 billion mark, further highlights the sector’s momentum, even as Bitcoin’s price hovered just under $66,000, marking a nearly 3% decline over the past 24 hours.

Wow, $IBIT took in a record smashing $788m yesterday, leading team effort for Nine w/ nearly $1b in gross flows despite the reverse God candle and way overwhelming $GBTC's bleed. First small taste of how ETF investors gonna be way better HODL-ers then (some) ppl think. pic.twitter.com/goeRwgrJLh

— Eric Balchunas (@EricBalchunas) March 6, 2024

Grayscale Launches Multi-Asset Staking Fund

In related developments, Grayscale introduced the Grayscale Dynamic Income Fund (GDIF), an innovative venture into actively managed investment products focusing on multi-asset staking. This initiative aims to optimize income through staking rewards from Proof-of-Stake (PoS) digital assets, with capital appreciation as a secondary objective. Since its inception on February 29, the fund has supported nine cryptocurrencies, paving new avenues for investors to generate income from digital assets.

The introduction of GDIF by Grayscale complements the increasing interest in digital asset investment vehicles, such as the BlackRock iShares Bitcoin ETF. Together, these developments reflect a broader trend of innovation and diversification within the cryptocurrency investment landscape, catering to a wide range of investor preferences and risk appetites.

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Maxwell Mutuma

Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. I write extensively on topics such as blockchain, cryptocurrency, tokens, and more for many publications. My goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.

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