BlackRock's Bitcoin ETF Attracts Whales Amid Crypto Rally
Bitcoin's recent rally has been supported by renewed institutional demand and increased activity among large Bitcoin holders, also known as whales.
The cryptocurrency is currently trading at around $78,100 after struggling to extend its recovery beyond the $80,000 level.
BlackRock's Bitcoin ETF, IBIT, has attracted significant interest from large Bitcoin holders through in-kind swaps, with approximately $5 billion in transactions processed by the company.
Institutional demand for Bitcoin has strengthened further, with Bitcoin ETFs recording $314.37 million in inflows on Tuesday, marking the seventh consecutive day of positive inflows.