300,000 bitcoin are now held by BlackRock
BlackRock, the world’s largest asset manager, reports that its spot bitcoin (BTC) ETF now has 302,539 BTC under management, valued at $21.57 billion.
iShares Bitcoin Trust (IBIT), name of the financial instrument, has purchased 1.44% of the total bitcoin supply in just five months since it was released.
The company reached that achievement yesterday, June 6, with a capital inflow into its ETF that reached $350 million, equivalent to 4,906 BTC, according to the current price of the digital currency. This can be seen in the following image provided by the SoSoValue platform.
Total, IBIT has raised almost $800 million so far this week. Collectively, ETFs hit a record high, reaching 18 days of positive net inflows.
Since last May 29, the IBIT ETF became the largest bitcoin fund in the world, surpassing Grayscale Bitcoin Trust (GBTC), which held first place, as reported by CriptoNoticias.
The good performance of ETFs becomes a bullish catalyst for the price of bitcoin due to the operation of spot funds, which are backed by the underlying asset. These spot ETF management companies must purchase and hold bitcoin in their treasuries to back their actions.
As more investors put money into these funds, the entities that manage the ETFs must acquire more bitcoin to maintain adequate support. This, in turn, reduces the amount of bitcoin available on the open market, which can lead to an increase in price due to limited supply.
