BlackRock Now Holds $6 Billion BTC As Bitcoin ETF Notes $477 Mln Net Inflow
Highlights
- Spot Bitcoin ETFs recorded inflow of more than $477 million on February 15
- BlackRock's iShares Bitcoin ETF holdings surpassed $6 billion
- Bitcoin demand rises more than 10 times than supply
Spot Bitcoin ETFs saw another massive inflow of more than $477 million — the 15th consecutive inflow as demand continues to grow against supply. BlackRock’s iShares Bitcoin ETF holdings surpassed $6 billion and Bitwise Bitcoin ETF saw 2nd largest day since the spot Bitcoin ETF launch.
BlackRock Leads Spot Bitcoin ETF Records Net Inflow
According to the latest data by BitMEX Research, spot Bitcoin ETFs saw $477.4 million net inflow on Thursday. With the latest inflow, Bitcoin ETFs have now recorded a net inflow of over 61,800 BTC in the last 7 days.
BlackRock’s iShares Bitcoin ETF (IBIT) registered a staggering inflow of $339.9 million on Thursday. Bitwise Bitcoin ETF (BITB) comes next with a $120.2 million inflow. However, Fidelity Bitcoin ETF (FBTC) inflow has further slowed to $97.4 million on Thursday.
BlackRock has been leading all its competitors by a wide margin, with total inflow crossing $5.17 billion and BTC holdings of 115,991.3 valued over $6 billion.
GBTC saw a $174.6 million outflow, an increase from Wednesday’s $131.2 million outflow. As a result, the net inflow for spot Bitcoin ETFs, excluding GBTC, was actually $652 million.
BlackRock and Fidelity Wise Origin Bitcoin ETFs now hold over $10.3 billion worth BTCs. The ETFs are buying 10k Bitcoin per day on top of the standard equilibrium and this is reflected in the price appreciation. However, the supply remains quite lower than the supply.
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Bitcoin High Demand Concerns
Vetle Lunde, senior analyst at K33 Research on Friday said the net U.S. spot ETF flow has now surpassed 100,000 BTC. This is equal to two-thirds of the annualized reduction in BTC issuance after the upcoming halving.
Bitcoin maximalist Samson Mow raised concerns over high demand from spot Bitcoin ETFs. He said “This level of demand is not sustainable at current Bitcoin prices.”
The demand has crossed 10x supply, with more from other sources. MicroStrategy’s Michael Saylor also pointed out 10x demand than supply dynamics in a recent interview.
BTC price fell 1% in the past 24 hours, with the price currently trading at $51,787. The 24-hour low and high are $51,371 and $52,820, respectively. Furthermore, the trading volume has decreased by 13% in the last 24 hours, indicating a decline in interest among traders.
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