BlackRock Bitcoin ETF inflows have once again skyrocketed as the asset manager scoops up 5,613 BTC from the open market on Monday. This marks 15 consecutive days of inflows for BlackRock iShares Bitcoin Trust (IBIT), netting a total of $4.5 billion in this period. On the other hand, BTC price remains steady at $94,500 levels, with institutional interest highlighting an upside to $100K and beyond.
BlackRock’s iShares Bitcoin Trust (IBIT) has stormed the market once again with overall inflows for 15 consecutive days in a row. On Monday, the asset manager scooped an additional 5,613 BTC worth $530 million, with its total inflows since inception crossing $44 billion once again.
Additionally, data shows that asset manager BlackRock has significantly increased its stake in the iShares Bitcoin ETF, boosting its holdings by 124%, during the first quarter this year.
This move brings BlackRock’s total investment in the ETF to an impressive $314 million, signaling a growing institutional appetite for Bitcoin exposure amidst evolving market conditions.
On Monday, the overall Bitcoin ETF inflows stood at $425 million. While BlackRock’s IBIT recorded $530 million in inflows, Fidelity’s FBTC, Bitwise’s BITB, Grayscale’s GBTC, and others saw net outflows yesterday, per data from Farside Investors. Bloomberg’s senior ETF strategist Eric Balchunas stated:
BlackRock’s “IBIT in the top spots, just like last year when ‘beta with a side of bitcoin’ was the big theme. $IBIT now 8th in YTD flows (was out of Top 50 at one point) with +$6.4b. Been hoovering up btc like a madman ever since the decoupling”.
The price of Bitcoin is approaching the $100,000 mark, as recent MVRV levels indicate that much of the speculative excess has been eliminated. Currently, Bitcoin is trading around $94,500, positioning itself for potential increases towards the $100,000 threshold, according to well-known crypto analyst Kyledopps.
“The froth is gone — the reset is real. Bitcoin’s MVRV just touched its long-term mean at 1.74 — a classic sign of flushed-out unrealized gains. Hold this level? It’s a clean reset and a setup for recovery”.
It will be interesting to see how soon BTC can resume its journey upwards of $100K as previously report shows the asset will flirt around $94,600 over the next month. However, continued inflows into Bitcoin ETFs can provide an additional catalyst for the rally ahead.
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