BlackRock Snaps Up $1B in Bitcoin, Grayscale Experiences Net Outflows

BlackRock's iShares Bitcoin Trust (IBIT) ETF has made significant investments in BTC over the last 20 days, purchasing a total of $1.08 billion worth of the cryptocurrency.

This acquisition brings IBIT's total holdings to approximately 785,900 BTC, valued at around $61 billion at current prices.

The majority of these purchases were made through Coinbase Prime, a popular platform for institutional investors.

In comparison, Grayscale's GBTC saw net outflows, with analysts attributing this trend to IBIT's lower annual fee of 0.25% versus Grayscale's 1.5%.