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Crypto

BlackRock's Bitcoin ETF Swaps Fuel Whale Demand and Rally

Guavy AI Editorial Team
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BTC
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Bitcoin's recent rally has been supported by institutional demand and increased activity among large holders, known as whales. The cryptocurrency has gained about 23% in its latest rally, marking its strongest rise in three years.

The BlackRock Bitcoin ETF, IBIT, is attracting interest from whales through in-kind swaps. Bloomberg Senior ETF Analyst Eric Balchunas reported that BlackRock processed around $5 billion in Bitcoin-to-ETF swaps, with the minimum transaction size reduced to $1 million.

Institutional demand has strengthened further, with SoSoValue data showing that Bitcoin ETFs recorded $314.37 million in inflows on Tuesday. This marked the seventh consecutive day of positive inflows.

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