Blackrock's Recent Bitcoin Buying Spree

Over the past four days, BlackRock's iShares Bitcoin Trust (IBIT) has significantly increased its Bitcoin holdings, adding 5,894 BTC worth approximately $388.2 million, according to Lookonchain data. This brings the total Bitcoin holdings of the asset management giant to 363,626 BTC, valued at around $23.68 billion.

Notably, in just one day, IBIT purchased 1,434 BTC, equivalent to about $94.3 million. BlackRock's recent Bitcoin acquisitions stand out, as they surpass the amount of Bitcoin sold via other Bitcoin ETFs in the past three weeks. In fact, no other ETF has matched BlackRock's pace of Bitcoin purchases during this time.

Bitcoin ETF inflows on Thursday were highly positive, amounting to $365.7 million across various funds. Fidelity led the inflows, contributing $74 million, while Bitwise and VanEck added $50.4 million and $22.1 million. Ark Invest attracted significant attention with $113.8 million in inflows.

Even smaller Bitcoin ETFs reported positive inflows, suggesting growing institutional interest in the crypto market. However, the Grayscale Bitcoin Trust (GBTC) experienced $7.7 million in outflows, indicating mixed sentiment for that particular product. BTC now sits just above 65k and it will be interesting to see if other ETF's can match the inflow's of Blackrock in the near future.