BlackRock boosts Bitcoin holdings to 242k despite surge in ETF outflows

**BlackRock Increases Bitcoin Holdings**

The world’s largest asset management company, BlackRock, has increased the amount of Bitcoin on its balance sheet, signaling a growing interest in the cryptocurrency market.

**BlackRock’s Focus on Bitcoin**

According to reports, BlackRock has increased the amount of Bitcoin in its iShares Bitcoin Trust (IBIT) to 242,829, with the volume of assets under management in the fund’s spot Bitcoin ETF reaching $15.5 billion at the current exchange rate. The company’s Head of Digital Assets, Robert Mitchnick, stated that Bitcoin is the top priority for the company’s clients, followed by Ethereum.

**Growing Interest in Crypto Products**

While the crypto community is eager to see more crypto products from BlackRock, Mitchnick emphasized that the company’s current focus remains on Bitcoin and Ethereum. IBIT recently took first place in terms of capital inflows, adding $233.4 million to its balance sheet.

**Market Trends**

However, the total daily capital outflow in the spot Bitcoin ETF sector amounted to $93.8 million, with a negative trend continuing for the fourth day in a row. This is attributed to an increase in outflows from the GBTC fund from Grayscale Investments.

As BlackRock increases its Bitcoin holdings and maintains its focus on the top cryptocurrencies, the market continues to show both positive and negative trends in terms of capital inflows and outflows.


Related articles


Please enter your comment!
Please enter your name here