This institution bought $788 million in Bitcoin despite the correction.

BlackRock's iShares Bitcoin Trust (IBIT) exchange-traded fund (ETF) has redefined the standards of crypto investing. On March 5, it recorded its highest daily gross ever, attracting an impressive $788 million.

This feat surpassed the previous record of $612.1 million set on February 28. Such impressive figures highlight the lack of confidence among institutional and retail investors as Bitcoin climbs to new heights.

Despite BlackRock's record earnings, the price of Bitcoin has seen a dramatic decline

On Tuesday, Bitcoin hit a new all-time high (ATH) of $69,200. This comes amid a boom in Bitcoin ETF investments in the United States. According to Farside Investors, the total revenue was $648.3 million on the day Bitcoin achieved its ATH. This clearly shows the growing retail and institutional interest in Bitcoin.

During this period of intense activity, the performance of US spot Bitcoin ETFs varied. While the Greyscale Bitcoin Trust (GBTC) and Invesco Galaxy Bitcoin ETF experienced net inflows, IBIT led the charge with net inflows.

Contributions from the Fidelity Wise Origin Bitcoin Fund (FBTC), the BitWise Bitcoin ETF (BITB) and others have also fueled this push. As a result, this entire ecosystem generated $8.5 billion in net revenue.

Read more: What is a Bitcoin ETF?

GBTC, IBIT and FBTC have not recorded a single day of outflows while there have been constant outflows. They stand out by pulling in a total of $14.46 billion in gross revenue.

Alongside these developments, the market has experienced significant volatility. After peaking above $69,000, Bitcoin's price has fallen sharply, falling nearly 15% to around $59,000.

This sudden correction triggered a massive shakeout of $1.13 billion in trader outflows from the price turmoil. Such events affect many digital assets, highlighting the unpredictable crypto market.

“This should dispel the assumption that BTC will always go up if ETF buyers buy $500 million a day. When a correction comes, the selling supply can quickly exceed the buying demand, although the price has recovered quickly, indicating that the oversupply is due to forced liquidation selling.”