BlackRock Bitcoin ETF Buys $147M BTC, Extends Inflow Streak

BlackRock’s Bitcoin ETF continues to attract strong investor interest. New data shows the fund bought about $147 million worth of Bitcoin. This purchase also marks three straight weeks of money flowing into the ETF.

The fund is called the iShares Bitcoin Trust (IBIT). It allows investors to gain exposure to Bitcoin through the stock market. With this, many large investors prefer using the ETF. Instead of buying crypto directly. The latest purchase adds to the growing role of institutional investors in the Bitcoin market.

BlackRock Adds More Bitcoin to Its ETF

The latest purchase brought a large amount of Bitcoin into BlackRock’s ETF holdings. Recent data shows the fund added roughly $147.7 million in BTC in a single day. Bitcoin was trading close to $71K around the time of the purchase. That price level means the ETF likely added thousands of BTC to its reserves.

Large ETF purchases often attract attention in the crypto market. They show that institutions continue to accumulate Bitcoin through regulated investment products. BlackRock’s ETF is already one of the largest Bitcoin funds in the world. Because of its size, even a single day of inflows can represent hundreds of millions of dollars.

Three Weeks of Steady Inflows

The latest purchase continues a strong inflow streak. Data shows three consecutive weeks of positive inflows for BlackRock’s Bitcoin ETF. Earlier in March, the fund also recorded large inflows. One report noted a $306 million inflow on March 4. This also helped push Bitcoin prices higher.

ETF inflows often influence market sentiment. When institutions buy large amounts of Bitcoin. It can increase confidence among traders and investors. Some analysts say steady ETF inflows played a role in Bitcoin’s recent recovery from around $60K to above $70K.

BlackRock Holds Huge Bitcoin Reserves

BlackRock already holds a massive amount of Bitcoin through its ETF. Blockchain data shows the company now holds more than 779K BTC. At current prices, that amount is worth over $55 billion. The company also manages large amounts of Ethereum through its other crypto funds. Because BlackRock controls such a large pool of assets. Its buying activity often influences the market.

ETFs Bring More Institutional Money to Crypto

Bitcoin ETFs have made it easier for large investors to enter the crypto market. In the past, institutions also had to manage private keys and crypto wallets. This process was complex and risky for many firms. Furthermore, ETFs solve that problem. Investors can now buy Bitcoin exposure just like a normal stock. Because of this, many experts believe ETFs are helping bring more institutional capital into Bitcoin. If inflows continue, these funds could remain a major driver of demand in the crypto market.

The post BlackRock Bitcoin ETF Buys $147M BTC, Extends Inflow Streak appeared first on Coinfomania.