
In a show of remarkable resilience during Tuesday’s cryptocurrency market upheaval, BlackRock’s iShares Bitcoin ETF (IBIT) not only weathered the storm but also made headlines by acquiring an impressive $778 million worth of bitcoin (BTC). This strategic move saw the addition of 12,600 bitcoins, setting a new daily record and surpassing the fund’s previous highs of around 10,000.
____________________________________________________
- BlackRock’s iShares Bitcoin ETF (IBIT) adds a record 12.6K BTC amidst Tuesday’s market turbulence.
- IBIT’s trading volumes exceed $3.6 billion, marking a significant increase.
- Bitcoin’s price fluctuates wildly, reaching an all-time high above $69,000 before plummeting over 10%.
____________________________________________________
BlackRock’s Bitcoin ETF Resilience: Record 12.6K BTC Added Amidst Tuesday’s Crypto Turbulence
Nasdaq data confirms the ETF’s robust performance, recording trading volumes exceeding 107 million shares, equivalent to a price-weighted value exceeding $3.6 billion. This achievement not only eclipsed the fund’s previous record of $3.3 billion set just last week but also captured the attention of the investment community.
The substantial influx of funds aligned with a tumultuous day for Bitcoin. Initially surging to an all-time high above $69,000, the cryptocurrency experienced a sudden reversal, plummeting over 10% within minutes and briefly dipping below the $60,000 threshold. Despite this volatility, a modest recovery brought the price back to the $63,000 range by the end of the U.S. trading day.
Currently holding more than 183,000 bitcoins, BlackRock’s ETF is on the cusp of surpassing MicroStrategy’s substantial stack of 193,000. Since its January 11 launch, IBIT has consistently held the top spot as the most popular Bitcoin ETF. With assets under management reaching approximately $12 billion, it leads the pack, followed by Fidelity’s FBTC at $7.2 billion.
In a broader market context, total ETF volumes surpassed the $10 billion mark on the same day, exceeding last week’s record. As of Wednesday morning in the U.S., bitcoin trades just under $66,000, reflecting a nearly 3% decrease in the past 24 hours. The CoinDesk 20 (CD20), a comprehensive liquid index, also experienced a 5.8% decline over the same period.
You are encouraged to sign up for our newsletters, which offer firsthand and insightful updates on cryptocurrency and evolving market trends. Dive into engaging content tailored for both novice and seasoned investors.
Leave a Reply