BlackRock’s iShares Bitcoin Trust Surges: Bags Over 11K BTC in Record Time Of 48 Hours

INTERNATIONAL BUSINESS TIMES NEWSLETTER SIGNUP My account Log Out Jan 14, 11:59 PM EST World U. S. Economy & Markets Companies Technology Digital Life Culture Sports Crypto Opinion NEWSLETTER My account Log Out US Edition World U.

S. Economy & Markets Companies Technology Digital Life Culture Sports Crypto Opinion Listings & More Spotlight Glossary SMB Forum Glossary K-Wave CEO Spotlight Editions Australia Edition India Edition International Edition Singapore Edition United Kingdom United States NEWSLETTER Follow Us Editions Australia Edition India Edition International Edition Singapore Edition United Kingdom United States Crypto Crypto Business BlackRock’s iShares Bitcoin Trust Surges: Bags Over 11K BTC in Record Time Of 48 Hours By Nica Osorio @nicaIBTimes 01/14/24 AT 11:59 PM EST Share on Facebook Share on Twitter Share on LinkedIn Share on Reddit Share on Flipboard Share on Pocket Reuters KEY POINTS BlackRock’s iShares Bitcoin Trust (IBIT) swiftly accumulated over 11,000 BTC, valued at nearly $500 million, within 48 hours of its Nasdaq debut This acquisition by BlackRock equates to roughly 13 days’ worth of Bitcoin production Bitcoin was trading down at $42,451. 25 as of 2:55 p.

m. ET on Sunday iShares Bitcoin Trust (IBIT), the spot Bitcoin exchange-traded fund (ETF) from world’s largest asset manager BlackRock, has quickly amassed over 11,000 bitcoins (BTCs), currently valued at nearly $500 million, within just 48 hours of its debut on the Nasdaq stock exchange. Blackrock’s IBIT was one among the 11 spot bitcoin ETFs approved by the U.

S. Securities and Exchange Commission (SEC) on Wednesday. Following its approval, IBIT made its trading debut on last Thursday and in just two days acquired a total of 11,439.

2198 Bitcoin, valued at approximately $497,994,992. 41 as of January 12 from the available supply. Since only 900 BTC are issued daily, BlackRock’s purchase represents approximately 13 days’ worth of BTC production.

IBIT managed to get an average of 25% of the trading volume in two days and from the given data, around 46,000 BTC were absorbed by all spot Bitcoin ETFs in just a couple of days, including influences from other issuers like Grayscale. An X account using the handle @invest_answers claiming to provide “analytics that defy the norm,” noted that if this trend continues, the market could experience “an extreme supply crunch” in Bitcoin. “Assuming 11,500 x 4 = 46,000 or 23,000 per day, that’s 25.

56 times the daily production consumed by US ETFs per day alone,” the X account explained. #Blackrock took 11,500 $BTC from Supply in 2 days 900 Bitcoin are issued daily, and you can see Blackrock’s move into their cash supply from last night into Bitcoin, buying the dip. Now, they mostly hold Bitcoin.

The key point is 11,500 BTC were sucked from the system in 2 days… pic. twitter. com/GzoEk2uMSl — InvestAnswers (@invest_answers) January 13, 2024 The first two trading days post SEC’s spot Bitcoin ETF approval saw a significant inflow amounting to $1.

4 billion, with a total net inflow across all BTC-related products amounting to $819 million, including the GBTC outflows. BlackRock’s IBIT led from the front, recording a total flow of $497. 7 million with Fidelity’s Advantage Bitcoin ETF at its tail with $422.

3 million and Bitwise with $237. 90 million inflows at the third post. BlackRock CEO Larry Fink, in a recent interview, shared that spot Bitcoin exchange-traded funds are just the first step in revolutionizing the financial world.

“ETFs are step one in the technological revolution in the financial markets. Step two is going to be the tokenization of every financial asset, the CEO of the asset management titan said. While the spot BTC ETFs are enjoying massive trading volumes over the past two days of trading, Bitcoin, the world’s oldest crypto asset was trading down at $42,451.

25 as of 2:55 p. m. ET on Sunday with a 24-hour trading volume of $13,492,840,307.

Bitcoin’s latest price action represents a 0. 52% dip in its value in the past 24 hours and a 3. 85% loss over the last seven days.

Data from CoinMarketCap shows that Bitcoin’s current circulating supply stands at 19,598,718 BTC and its market cap is at $833,692,944,250. Read more Vanguard Unmoved By Record-Smashing $4. 5B Bitcoin Exchange-Traded Funds Kickoff, Gives BTC ETFs The Boot From Hot To Blistering: Bitcoin ETFs Zoom Past $3.

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