BlackRock ETF buys more than 100,000 bitcoins, boosting the price.
Demand for IBIT, the bitcoin ETF provided by the world's largest asset manager, accelerated.
Asset manager giant BlackRock's bitcoin exchange-traded fund (ETF), iShares Bitcoin Trust (IBIT), significantly increased its holdings in the digital currency.
IBIT now owns more than 100,000 bitcoins (BTC), a sum it acquired in just over a month since its launch. This milestone comes after the ETF made its largest daily purchase of the digital currency, which was 9,949 BTC, as shown in the following table provided by data firm BitMEX Research.
This way, IBIT strengthens its position as the second ETF with the most bitcoins in the world, as shown below. This is after Grayscale (GBTC), which continues to decrease its holdings in the coin daily.
With IBIT's performance, US ETFs recorded more capital inflows in the last four trading days than in the previous four weeks. If they continue like this, they are on track to close February with a greater accumulation of bitcoin than in January.
Bitcoin approaches $52,000 amid increased demand for BlackRock ETF
The growing demand for the BlackRock ETF increased the bullish pressure in the market that pushed bitcoin to levels it had not touched in more than two years, near $52,000 (USD). You can see this in the TradingView chart below.
Market specialists reported by CriptoNoticias, such as Juan Rodríguez, indicated that as long as the demand for ETFs continues, bitcoin's bullish momentum will continue. One reason for this is that the monthly purchase of BTC made by these instruments is greater than the supply of the miners, which in fact will be reduced by half in the halving scheduled for April-May.
