BlackRock’s Bitcoin ETF Added a Record 12.6K BTC in Tuesday's Carnage

IBIT’s total inflows surpassed the $9 billion mark as prices plunged following bitcoin taking out a record high above $69.000.

AccessTimeIconMar 6, 2024 at 1:46 p.m. UTC
Updated Mar 9, 2024 at 2:15 a.m. UTC
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The BlackRock iShares Bitcoin ETF (IBIT) gobbled up over $778 million worth of bitcoin (BTC) on Tuesday as the fund's investors apparently bought the dip in the world's largest crypto.

IBIT added 12,600 bitcoin, breaking previous daily highs of around 10,000. Data from Nasdaq show that the fund recorded trading volumes of more than 107 million shares, or over $3.6 billion price-weighted, surpassing the previous record high of $3.3 billion from last week.

The big inflows came as bitcoin early Tuesday shot to a new all-time high of $69,000 only to sharply reverse within minutes. The price tumbled more than 10% at one point to below $60,000, before a modest recovery to the $63,000 area late in the U.S. trading day.

The BlackRock ETF now holds more than 183,000 bitcoin, closing in on MicroStrategy's (MSTR) 193,000 stack.

IBIT has remained the most popular bitcoin ETF since the products went live on Jan. 11. Its assets under management are now about $12 billion, the most among its counterparts, followed by Fidelity’s FBTC at $7.2 billion.

Overall, ETF volumes broke the $10 billion mark yesterday, topping last week’s record.

Bitcoin trades just under $66,000 as of U.S. morning hours on Wednesday, down nearly 3% in the past 24 hours. The CoinDesk 20 (CD20), a broad-based liquid index, lost 5.8% over the same period.

Edited by Stephen Alpher.


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Shaurya Malwa

Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.

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