BlackRock's iShares Bitcoin Trust Sees Record Demand for Tax-Deferred Swaps

BlackRock's iShares Bitcoin Trust (IBIT) has seen its largest year-to-date weekly cash inflow of $1.33 billion, followed by a massive $5 billion in tax-deferred Bitcoin-to-ETF swaps facilitated through the fund.

This surge in demand is attributed to security concerns and external factors, as stated by Robbie Mitchnick, head of digital assets at BlackRock, who emphasized that the trend will continue due to expanding access to the asset class.

Bitwise Bitcoin ETF (BITB) has also reduced its minimum deal size from $100 million to $3 million, making it more accessible for investors. The move is seen as a significant step in institutionalizing Bitcoin.