During Bitcoin’s spectacular climb to an all-time high, BlackRock silently purchased more than 12,000 bitcoins.
On March 5, Bitcoin reached a new record high, making history. In particular, exchange-traded funds (ETFs) saw a flood of billions of dollars as a result of the euphoria around this accomplishment, which broke a three-year curse.
Leading the pack this week was none other than BlackRock, the biggest asset management company in the world.
On Tuesday, the dominating cryptocurrency hit a new record high of over $69,000 for the first time since 2021, and BlackRock’s iShares Bitcoin ETF gobbled up more than $788 million worth of bitcoin. From its all-time high of $609 million on February 29, the ETF saw a 30% gain.
Data from BlackRock shows that during Bitcoin’s short decline to $59,000 after its all-time high, the investment firm acquired an astounding 12,600 bitcoins. Coming close to MicroStrategy’s 193,000 stack, IBIT possessed around 183,000 bitcoins, valued at almost $11.5 billion, as of writing.
On Tuesday, BlackRock received $125 million in inflows, with Fidelity’s FBTC following closely behind with $64 million, while Ark Invest 21 Shares received a more modest $64 million.
Spot Bitcoin ETF trading volume also surpassed the previous record of $7.64 billion set on February 28th, reaching $10 billion on Tuesday. Notable among them are BlackRock’s record-breaking $3.76 billion in trading volume, Grayscale’s GBTC, which created $2.81 billion, and Fidelity’s FBTC, which generated $2.05 billion.
Due to its very low costs, strong reputation as an asset manager, and widespread support, BlackRock’s Bitcoin ETF has maintained its position as the market leader since its introduction. With a daily trading volume of over $67 billion, Bitcoin was trading at a little under $66,000 as of press time.
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