In a surprising move, BlackRock, the world’s largest asset management company, has significantly increased its Bitcoin holdings despite a period of record outflows from ETFs.
Reports indicate that BlackRock has augmented the amount of Bitcoin (BTC) in its iShares Bitcoin Trust (IBIT) to a substantial 242,829 BTC. With the fund’s assets under management now valued at $15.5 billion, the firm’s confidence in Bitcoin appears unwavering.
Fox journalist Eleanor Terrett further disclosed that Robert Mitchnick, BlackRock’s Head of Digital Assets, underscored Bitcoin’s prominence among the company’s clients, closely followed by Ethereum. While acknowledging the crypto community’s desire for a broader range of crypto products from BlackRock, Mitchnick clarified that the firm’s focus lies elsewhere for the time being.
According to data from SoSo Value, IBIT led the pack in terms of capital inflows on March 21, with an impressive addition of $233.4 million to its balance sheet, bringing the total funds under management to $13.3 billion. Trailing behind were investment products from Bitwise Asset Management and Valkyrie Bitcoin Fund (BRRR), attracting $12.1 million and $4.72 million, respectively.
However, the overall trend in the spot Bitcoin ETF sector has been marked by substantial outflows, amounting to $93.8 million on March 21 alone. This negative trajectory persisted for the fourth consecutive day, primarily driven by a significant increase in outflows from the Grayscale Bitcoin Trust (GBTC), totaling $358.7 million. Between March 18 and March 21, outflows from GBTC surpassed $1.8 billion, contributing to a total outflow from Bitcoin ETFs exceeding $835 million.
Despite the prevailing market dynamics, BlackRock’s steadfast accumulation of Bitcoin underscores its confidence in the long-term potential of the leading cryptocurrency, signaling a divergence from the broader trend of ETF outflows observed in the sector.
Powered by Crypto Expert BD
Follow us on Twitter: https://x.com/CryptoExpert_BD
Join our Telegram channel: https://t.me/CryptoExpert_BD
