BlackRock’s iShares Bitcoin Trust (IBIT) exchange-traded fund (ETF) had US$788 million in inflows on March 5 and set a new daily record by buying 12,000 more Bitcoins.
The addition appears to have followed Bitcoin’s steep drop after it set a new all-time price record.
BlackRock and Fidelity dominate the spot Bitcoin ETF space, with combined assets under management (AUM) of over US$19 billion, The Block reported, citing data from BitMEX.
Bitcoin investment products around the world now manage over one million Bitcoins or approximately 5% of the asset’s circulating supply.
The majority of these assets are held by U.S. spot and futures Bitcoin ETFs, with Europe and Canada being the second and third largest markets, respectively, according to The Block.
This influx of investments into Bitcoin ETFs, particularly in the U.S., indicates a shift in the cryptocurrency’s role in price discovery and reflects its growing acceptance among traditional investors.
Bitcoin traded above US$67,000 at 1 p.m. ET, rebounding from yesterday’s drop to around US$60,000, according to CoinGecko data.
Source : Yahoo crypto / Mar 6, 2024