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Bitcoin: BlackRock BTC Holdings Hit $12.3 Billion Amid Record Inflow Surge

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Fri, 8/03/2024 - 14:55
Bitcoin: BlackRock BTC Holdings Hit $12.3 Billion Amid Record Inflow Surge
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In a major move, BlackRock, the world's largest asset manager, has seen its Bitcoin (BTC) holdings soar to an astonishing $12.3 billion. This remarkable milestone comes amid a historic surge in inflows into the BlackRock iShares Bitcoin ETF (IBIT).

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According to Arkham Intelligence, BlackRock received its highest ever one-day on-chain inflow during the week, amounting to 12,600 BTC worth $842 million. With this unprecedented inflow spike, BlackRock now holds 183,300 BTC worth $12.3 billion.

The BlackRock iShares Bitcoin ETF (IBIT) added 12,600 BTC in record-breaking inflows, exceeding previous daily highs of roughly 10,000 BTC, as the fund's investors appeared to buy the fall in the world's largest cryptocurrency, Bitcoin, as it tumbled from all-time highs.

Bitcoin reached a fresh all-time high of $69,000 on Tuesday, only to drop drastically within minutes. The price fell by more than 10% at one time, dropping to lows of $59,224 on Coinbase, before recovering modestly.

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With over 183,300 Bitcoins, Blackrock is closing in on Michael Saylor's MicroStrategy's 193,000 stash.

Investors have flocked to spot Bitcoin funds since the SEC allowed them in January. This year, the 10 funds have netted $8.9 billion. Excluding Grayscale's spot fund, which existed in a previous fund structure, the newly approved funds have around $26 billion in assets. BlackRock iShares Bitcoin ETF (IBIT) has been the most popular Bitcoin ETF since its launch on Jan. 11.

BlackRock's considerable Bitcoin holdings are a positive sign for BTC, indicating that the cryptocurrency is maturing as an asset class. Bitcoin was initially dismissed as a speculative asset with little fundamental worth, but it has proven to be a resilient and viable store of value in the face of economic instability.

At the time of writing, Bitcoin was trading at $67,552, up 1.16% in the previous 24 hours.

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