BlackRock's IBIT Sets New Record with $195.6 Million Bitcoin Purchase

BlackRock's iShares Bitcoin Trust (IBIT) has made significant purchases of Bitcoin in recent days. According to on-chain data from Arkham, IBIT bought $195.6 million worth of Bitcoin yesterday alone.

This is the largest single-day purchase by any fund in the US spot Bitcoin ETF category. The total amount invested by IBIT over the past month now stands at $1.57 billion.

IBIT's buying activity has been instrumental in flipping the script on the prior session, where the entire category posted an outflow of approximately $149 million. This shows that despite some fluctuations, there is sustained demand for regulated Bitcoin products like IBIT.

The fund's assets under management (AUM) have reached a new high of $109.34 billion, making it the largest US spot Bitcoin ETF by AUM. The 0.25% management fee charged by IBIT seems to be outweighed by its distribution network and access to advisers, wealth platforms, and institutions.