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Bitcoin Soars Past $80K as BlackRock's Bitcoin Trust Sees Record Inflows

Guavy AI Editorial Team
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BTC
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Bitcoin has had its best August ever in terms of price action, surpassing $80,000 and gaining over 3% in a single day.

This surge comes as BlackRock's iShares Bitcoin Trust (IBIT) continues to attract large inflows, pulling in $479 million over a recent Monday-to-Wednesday period last week. This accounts for 76% of the total demand seen in U.S. spot Bitcoin exchange-traded funds.

In another move that has caught market attention, BlackRock has reduced the minimum in-kind conversion size for IBIT from $25 million to just $1 million, a 96% reduction. This change opens up the creation and redemption mechanism to a wider range of professional desks.

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