BlackRock Unleashes $1B Buying Spree on BTC

BlackRock's iShares Bitcoin Trust (IBIT) has amassed $1.08 billion in BTC over the last 20 days, bringing its total holdings to around 785,900 BTC, valued at approximately $61 billion.

This accumulation comes as Bitcoin trades near $77.5k and marks a significant buying spree from one of the largest holders of BTC in the past three weeks.

The purchases were largely made through Coinbase Prime, a popular choice for institutional players.

While Grayscale's GBTC posted net outflows due to its 1.5% annual ETF fee compared to IBIT's 0.25%, American spot Bitcoin ETFs collectively hold over 1.2 million BTC ($92 billion), representing more than 6% of the entire supply.