BlackRock Bitcoin ETF (IBIT) has witnessed mammoth inflows, raking in an additional $877 million on Thursday, May 22. With more than $9 billion pouring in so far this year, this puts IBIT among the top five US ETFs by inflows. Also, IBIT’s total inflows since inception have now crossed a massive $47.5 billion.
BlackRock Bitcoin ETF Hits New Milestones
BlackRock’s iShares Bitcoin Trust (IBIT) had sweeping inflows on Thursday, hitting new milestones with daily trading volume surging $4.2 billion. With these total inflows, BlackRock scooped in a total of 7860 Bitcoins in a single day. As per the official IBIT data, the firm now holds a total of 643,755.21320 Bitcoins, with net assets under management of $70.1 billion.
BlackRock Bitcoin ETF has become the gold standard for institutions looking to seek exposure to BTC. Goldman Sachs is one of the biggest holders of IBIT shares currently in the market. In the latest development, $1.2 trillion asset manager Blackstone Investments disclosed purchases of over $1 million worth of IBIT shares.
Blackstone revealed holding 23,094 shares of BlackRock’s iShares Bitcoin Trust ETF (IBIT) as of March 31. These shares are part of Blackstone’s Alternative Multi-Strategy Fund (BTMIX), which manages $2.63 billion in assets. This massive institutional inflow puts IBIT in the list of top five US ETF funds, by inflows, this year.
If the inflows continue at this rate, BlackRock’s IBIT can overtake Satoshi Nakamoto’s Bitcoin holdings by next summer. However, there’s still a distant mile for IBIT to cover.
IBIT Shares Price Hits All-Time High
Following Thursday’s data, BlackRock’s IBIT has witnessed $47.5 billion in inflows since inception. It leads Fidelity’s FBTC by a massive margin, which is second at $11.8 million in inflows, among all US Bitcoin ETFs, as per data from Farside Investors. As a result, the Nasdaq-listed IBIT share has touched an all-time high of $63.23 on Thursday.
As per the Elliot Wave pattern as shown in the image below, BlackRock Bitcoin ETF (IBIT) can proceed further all the way to $80, to ride on the projected wave 5. This could potentially lead to a new Bitcoin all-time high moving ahead.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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