BlackRock witnesses massive $520M influx before BTC hits $60K

The Bitcoin ETF's fundraising recorded a staggering influx of $520 million in net capital from an initial $577 million investment. This surge in capital highlights the increasing demand and confidence in the Bitcoin market. Despite the volatility and uncertainties surrounding cryptocurrencies, the Bitcoin ETF continues to attract significant investments, positioning itself as a leading player in the digital asset space. The substantial increase in net capital underscores the growing recognition of Bitcoin as a viable investment option among institutional and retail investors alike. With its strong performance and promising future prospects, the Bitcoin ETF is poised to capitalize on the ever-expanding crypto market.

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The BlackRock Bitcoin ETF witnessed a massive influx of $520 million in net inflows from $577 million in net inflows, immediately pushing the price of Bitcoin to break the $60,000 level.

This week has been fantastic for Bitcoin Spot ETFs as they saw a $520 million inflow on Monday and recorded another massive inflow of $577 million on Tuesday.

The massive inflow comes after BlackRock’s iShares Bitcoin ETF witnessed its own $520 million inflow, causing BTC to rise to $60,000.

BlackRock leads the Bitcoin Spot ETF money flow

According to data from BitMEX Research, Bitcoin Spot ETFs witnessed a net inflow of $577 million (equivalent to 10,167.5 BTC) on February 27th.

This is the third-largest inflow since its debut, with all 9 Bitcoin ETFs experiencing massive trading volumes. In particular, Grayscale’s GBTC saw a rebound on Tuesday after falling to $22.4 million the day before.

BlackRock iShares (IBIT) reached over $520 million, breaking the record for the largest inflow to date. IBIT also achieved a record-breaking trading volume of $1.3 billion, surpassing the daily trading volume of most large-cap stocks in the US.

According to the latest figures, BlackRock’s net inflow reached over $6.5 billion and the assets held increased by over 141,000 BTC.

In addition, Fidelity (FBTC) and Ark 21Shares (ARKB) recorded $126 million and $5.4 million, respectively. Bitwise (BITB), VanEck (HODL) and other Bitcoin ETFs also witnessed significant inflows.

Notably, GBTC saw an outflow of $125.6 million, increasing from an inflow of $22.4 million on Monday.

Bloomberg analyst Eric Balchunas revealed that the daily trading volume of the 9 new Bitcoin ETFs excluding GBTC has exceeded $2 billion for the second consecutive day while BTC price has remained above $57,000.

BTC price breaks above $60,000

The BTC price surged to over $60,000, just a few percentage points away from the all-time high of $68,600 set 27 months ago. The low and high within 24 hours were $56,329 and $60,450, respectively.

SOURCEvietstock
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