This Bitcoin ETF now holds more BTC than MicroStrategy
BlackRock's iShares Bitcoin Trust ETF's (IBIT) BTC holdings outperformed MicroStrategy last week.
BlackRock's BTC holdings rose to 196,065 BTC, surpassing MicroStrategy's 193,000 BTC holdings. BlackRock's Premier Bitcoin ETF has garnered significant investor attention and trading activity since January.
Blackrock holds more bitcoins than Microstrategy
BlackRock's Bitcoin Accumulation Pace Outpaces MicroStrategy, Launches BTC Purchases in 2020 The Michael Saylor-led company recently transformed into a Bitcoin development company to reflect the sustained success of its leading digital asset.
Meanwhile, BlackRock's rapid acquisition highlights the demand for spot Bitcoin ETFs since their entry in January. In a recent interview, Grayscale CEO Michael Sonnenschein said demand for these Bitcoin ETFs is currently driving the market's enthusiasm.
“We're seeing tremendous flows and investor interest, and that's really adding to the value of the supply of bitcoins coming into the market every day,” he said.
Read more: How to trade Bitcoin ETF: A step-by-step approach
ETF expert Nate Geraci echoed that sentiment, noting that inflows into nine new positions Bitcoin ETFs in the past two months are greater than inflows into all physical gold ETFs in the past five years combined. Recent data further corroborates Sonnenshein and Geraci's comments, showing that the aggregate trading volume of these ETFs exceeds $100 billion.
This increase in trading activity has fueled the growth of Bitcoin ETFs, which now collectively account for 4 percent of the total Bitcoin distribution. As a result, the price of Bitcoin rose to a new all-time high, hitting a second record high this week.
However, the excitement quickly turned to fear as the market saw a sharp sell-off reminiscent of crypto's notorious volatility. According to blockchain analytics firm Caico, the price of Bitcoin rose to $69,952 and shortly thereafter fell by 6% to $66,120, leaving millions pouring in long and short positions on many crypto exchanges.
Read more: Bitcoin price prediction for 2024/2025/2030
Bitcoin prices have recovered slightly since then, according to price data from BeinCrypto.
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