On Tuesday, investors in the BlackRock iShares Bitcoin ETF (IBIT) appear to have bought the sell-off in the largest cryptocurrency in the world, as the fund acquired nearly $778 million worth of bitcoin (BTC).
IBIT got 12,600 bitcoin, which is more than it ever got in one day before. Nasdaq data shows that the fund had a lot of trading activity, with over 107 million shares traded, which is worth over $3.6 billion. This broke the previous record set just last week, when trading reached $3.3 billion.
On Tuesday, Bitcoin reached a new record high of $69,000, but then quickly dropped. It went down by more than 10% in just a few minutes, falling below $60,000. However, it did recover a bit later in the day, ending up around $63,000 during U.S. trading hours.
The BlackRock ETF now owns over 183,000 bitcoin, getting close to MicroStrategy’s stash of 193,000. IBIT has stayed the most favoured bitcoin ETF since they launched on January 11. It now manages around $12 billion in assets, which is the highest among similar funds. Following IBIT is Fidelity’s FBTC, managing around $7.2 billion.
Yesterday, the trading volumes for ETFs broke the $10 billion mark, topping last week’s record. Currently, Bitcoin is trading just below $66,000 during U.S. morning hours on Wednesday, showing a decrease of almost 3% in the last 24 hours.
