Bitcoin ETF exceeds $12B in assets, closely following MicroStrategy in BTC holdings during market shifts and new peaks.
STORY HIGHLIGHTS
The BlackRock iShares Bitcoin ETF (IBIT) purchased an all-time high of 12,600 BTC valued at over $778 million in just one day. Bitcoin's value briefly reached a new peak of $69,000 before falling over 10%. Trading volumes for the IBIT skyrocketed to over 107 million shares, which equals more than $3.6 billion, marking a new high. The BlackRock iShares Bitcoin ETF (IBIT) saw an extraordinary purchase of Bitcoin (BTC) on Tuesday, obtaining over $778 million worth of the cryptocurrency. This significant buy included 12,600 BTC, the highest daily purchase by the fund, which had previously reached about 10,000 Bitcoin. This transaction took place during a turbulent market period where Bitcoin values had notable fluctuations. As per Nasdaq data, the ETF’s trading volumes rose to over 107 million shares, amounting to over $3.6 billion in price-weighted terms. This volume exceeds the earlier record of $3.3 billion set last week, highlighting the rising investor interest in Bitcoin and related financial instruments. The ETF’s vigorous activity aligned with Bitcoin’s price movements, momentarily hitting a new peak of $69,000 before facing a steep drop. BlackRock Narrows Gap on MicroStrategy’s Bitcoin Holdings The rapid decline in Bitcoin’s value resulted in a more than 10% decrease to below $60,000, only to see a slight recovery to around $63,000 by the closing of the U.S. trading day. Despite these market fluctuations, the BlackRock iShares Bitcoin ETF kept drawing substantial investments, reflecting the fund’s attractiveness to investors aiming to take advantage of the dip in Bitcoin prices. The fund now holds over 183,000 Bitcoin, closely following MicroStrategy’s (MSTR) reserve of 193,000 Bitcoin. Since its launch on January 11, the BlackRock ETF has positioned itself as the leading Bitcoin ETF, with assets under management reaching about $12 billion, making it the largest among its competitors. Fidelity’s Bitcoin ETF (FBTC) comes next with $7.2 billion in assets under management. The rise in ETF volumes, exceeding the $10 billion threshold, further underscores the momentum of the sector, even as Bitcoin’s price stayed just under $66,000, representing a nearly 3% decrease over the last 24 hours. Grayscale Introduces Multi-Asset Staking Fund In related news, Grayscale has launched the Grayscale Dynamic Income Fund (GDIF), an innovative effort into actively managed investment products that focus on multi-asset staking. This initiative aims to enhance income through staking rewards from Proof-of-Stake (PoS) digital assets, with capital growth as a secondary goal. Since starting on February 29, the fund has supported nine cryptocurrencies, creating new opportunities for investors to earn income from digital assets. The launch of GDIF by Grayscale complements the growing interest in digital asset investment options like the BlackRock iShares Bitcoin ETF. Collectively, these advancements signify a wider trend of innovation and diversity within the cryptocurrency investment landscape, catering to various investor preferences and risk tolerances.
