BlackRock's Fund Buys $195.6 Million Worth of Bitcoin in a Day
BlackRock's iShares Bitcoin Trust (IBIT) made a massive $195.6 million worth of Bitcoin purchases in a single day, according to on-chain data from Arkham. This brings IBIT's total investment in Bitcoin over the past month to a staggering $1.57 billion.
The fund's buying spree was so significant that it alone accounted for more than half of the net inflows into all US spot Bitcoin ETFs for the day, with the category as a whole experiencing a net inflow of just $102.67 million.
IBIT's dominance in the market is a testament to its size and influence, having launched in January 2024 after the US Securities and Exchange Commission approved spot Bitcoin ETFs. With assets under management (AUM) reaching $109.34 billion, IBIT has become the benchmark for the rest of the spot Bitcoin ETF market.
The buying activity also points to a sustained trend, with IBIT's net inflows over the past 30 days totaling approximately $2.99 billion. This suggests that institutional demand for Bitcoin is increasingly flowing through regulated products like IBIT rather than direct ownership of the coins.