A significant purchase of BTC during price drop
During the sudden price drop, BlackRock’s iShares Bitcoin ETF (IBIT) amassed more than $778 million worth of BTC, adding 12,600 bitcoins to its portfolio. This massive accumulation broke previous records for single-day trading volume.
This acquisition took place as bitcoin, after reaching an all-time high of $69,000, experienced a drastic correction, plunging over 10% and briefly dropping below $60,000.
A record-breaking volume for BlackRock’s Bitcoin ETF
Data from Nasdaq shows that the IBIT ETF recorded trading volumes exceeding 107 million shares, equivalent to over $3.6 billion in value, surpassing the previous record of $3.3 billion set last week.
Currently, BlackRock’s ETF holds over 183,000 bitcoins, approaching MicroStrategy’s portfolio, which holds 193,000 BTC. Since its launch on January 11th, IBIT has remained the most popular Bitcoin ETF, with assets under management reaching $12 billion, surpassing Fidelity’s FBTC ETF, which manages approximately $7.2 billion. This investor preference for IBIT highlights the trust placed in BlackRock as an asset manager.
