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BlackRock’s IBIT Shocks Market After Snapping Up 700,000 Bitcoin Fast.

BlackRock’s iShares Bitcoin Trust (IBIT) has stunned the market by becoming the first spot Bitcoin ETF to acquire over 700,000 BTC in just 18 months. This sharp accumulation makes it the fastest and largest institutional Bitcoin grab on record.

According to SoSoValue, IBIT added another $164.64 million in inflows on July 7, pushing its total holdings past the 700,000 BTC mark. That would give the fund a position calculated to be greater than $75 billion at current market prices, or almost 3.5 percent of the entire circulating supply of Bitcoin.

IBIT has recorded an average BTC net inflow of about 39,000 each month since its approval in January 2024. BlackRock ETF was buying through price dips when Bitcoin was facing price pressure around the mark of $108,000 without showing any signs of diminishing appetite despite the circumstances.#Write2Earn! #BinanceHODLerLA #SECETFApproval #BinanceTurns8 $BTC