U.Today – BlackRock Bitcoin ETF Surges

A new day, a new round of inflows into BlackRock (NYSE:BLK)'s Bitcoin ETF IBIT and correspondingly new purchases by the hedge fund giant of cryptocurrency in its wallets.

According to SoSo Value, the IBIT Bitcoin ETF has seen inflows of more than $317 million in the past 24 hours. By comparison, the day before, inflows into this instrument totaled $42.98 million, leading to a remarkable increase of over 737% in one day.

Inflows into ETFs directly from BlackRock have continued unabated for almost two weeks now. During this time, the amount of money raised by IBIT is already approaching a staggering $2 billion.

Naturally, such inflows into ETFs are accompanied by corresponding purchases of cryptocurrency from the issuer.

BlackRock's Bitcoin

Prior to today's $317 million net inflow data, it was known that BlackRock's iShares Bitcoin Trust ETF held 392,121.2103 BTC as collateral, worth approximately $26.27 billion at current prices. With the new inflows, this amount will exceed $27 billion today if around 637 BTC are added.

As long as inflows into Bitcoin ETFs continue, we can expect BlackRock to keep absorbing the market. Already one of the largest holders of cryptocurrency, it seems this instrument is merely a vehicle for the hedge fund's true interest: owning Bitcoin itself.

The question remains: where will BlackRock stop in its crypto ambitions?

This article was originally published on U.Today