Bitcoin ETFs See Record Inflows From BlackRock

(CTN News) – iShares Bitcoin Trust (IBIT), an exchange-traded fund (ETF) that was launched by BlackRock, had a net inflow of US$788 million on March 5 and purchased 12,000 new bitcoins, setting a new daily record.

Bitcoin’s steep drop in price after setting a new all-time price record in April seemed to have triggered the addition of the new currency.

According to data from BitMEX, BlackRock and Fidelity are the two largest firms in the ETF sector, with combined assets under management (AUM) of over US$19 billion, The Block reported.

The number of managed by cryptocurrency investment products around the world is estimated at more than one million, which represents approximately 5% of the circulating supply of the cryptocurrency asset at the present time.

According to The Block, the majority of these assets are held in U.S. spot and futures ETFs, with Europe and Canada being the second and third largest markets, respectively, for these assets.

As is apparent from the recent influx of investments into Bitcoin ETFs,

Particularly in the United States, there has been a shift in the role of cryptocurrency in price discovery, which reflects the growing acceptance of the cryptocurrency by traditional investors.

According to data compiled by CoinGecko, the price was trading around US$67,000 at the time of writing. In Eastern Time (ET), the price has rebounded from yesterday’s drop to around US$60,000, which CoinGecko reported had been a record low for Bitcoin.

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