On December 9, the daily trading volume of IBIT also went up to $3 billion showing robust demand for the investment product coming from different institutional players.
Bitcoin ETFs have cumulatively gone over the holdings of Satoshi Nakamoto, the pseudonymous person who developed Bitcoin.
In the near future, the Federal Reserve of the United States will probably announce another 25-basis interest rate cut. Also, it is all based on the US CPI numbers and inflation data coming this week.
The Bitcoin ETF of BlackRock (IBIT) has agreed to look over the crypto market volatility listing major $358 million inflows on December 9. Regardless of the BTC price drop to about $94,000 levels, IBIT carried on with its dominant inflows yesterday.
After Bitcoin attained $100k levels, Bitcoin went down by 5% taking altcoins down and resulting in the development of leveraged positions.
The iShares Bitcoin Trust ETF of BlackRock (IBIT) carries on to witness a whooping inflow at the time of emptying over 4,000 Bitcoins, whose worth is estimated at about $398 million yesterday, as revealed by the data from Farside Investors.
The significant inflows
On December 9, the daily trading volume of IBIT also went up to $3 billion showing robust demand for the investment product coming from different institutional players. The BlackRock Bitcoin ETF has also recorded an inflow going over $3.1 billion in just the past seven sessions.
This leads to the net inflows for IBIT going over $34.7 billion since it was introduced. It has also recorded a historic milestone by going over $50 billion in assets under management (AUM) for the first time ever.
Exceptionally, it gained this point in only 228 days, over five times swifter than any other ETF in history. Comparing this with the gold ETF GLD it took about 5.5 years to be on the same pace. Bitcoin ETFs have cumulatively gone over the holdings of Satoshi Nakamoto, the pseudonymous person who developed Bitcoin.
The estimated total of these ETFs has now gone over 1.1 million Bitcoins, passing the holdings of Nakamoto. This achievement occurred simultaneously with the rise in the price of Bitcoin, which saw a whooping gain of 32% in the last month, attaining an all-time high of $104,000.
The steady declination
In that same period of time, the wider crypto market gained over $1.4 trillion in value. The long-term holders of Bitcoin have been steadily decreasing by selling over 827,000 BTC in the past month.
This number is very much higher as compared to the cumulative purchases coming from spot Bitcoin ETFs along with MicroStrategy. At the same time, the institutional call for BTC remains, it would require an extra catalyst for satisfied gains over $100k.
In the near future, the Federal Reserve of the United States will probably announce another 25-basis interest rate cut. At the same time, it is all based on the US CPI numbers and inflation data coming this week.
