Maintains Momentum as IBIT ETF Reports Major Accumulation
The post Maintains Momentum as IBIT ETF Reports Major Accumulation appeared on BitcoinEthereumNews.com.
TLDR BlackRock’s Bitcoin ETF (IBIT) acquired 5,250 BTC ($528 million) in a single day, representing 12 times the daily Bitcoin production rate, demonstrating strong institutional demand Bitcoin price surpassed $100,000, reaching $101,334 with an 8% weekly gain and significant short liquidations totaling $50 million BlackRock expanded its Bitcoin ETF offerings to Canada’s CBOE exchange, while Fidelity adjusted its fees to remain competitive at 32 basis points Bitcoin exchange balances hit a 7-year low, suggesting a potential supply shock that could support further price increases Technical analysis indicates $102,500 as a key resistance level that needs to be cleared to confirm a new uptrend BlackRock’s iShares Bitcoin Trust (IBIT) has made a bold statement in the cryptocurrency market by acquiring 5,250 Bitcoin in a single day, valued at approximately $528 million. This purchase, executed on Thursday, represents twelve times the daily Bitcoin production rate, highlighting the growing institutional appetite for the leading cryptocurrency. The massive acquisition comes as Bitcoin maintains its position above the $100,000 mark, trading at $101,334 with a 2% daily increase. The total market capitalization of Bitcoin has surpassed $2 trillion, marking a new milestone for the digital asset. IBIT’s dominance in the ETF space becomes apparent when examining the day’s total net inflows of $626 million, with BlackRock’s product capturing 85% of all Bitcoin ETF inflows. Ark Invest’s ARKB secured the second position with inflows exceeding $155 million. The institutional momentum continues to build as BlackRock expands its Bitcoin ETF offerings internationally. The asset management giant recently launched a Bitcoin ETF variant on Canada’s CBOE exchange, responding to increasing global demand for cryptocurrency investment products. Competition in the space remains fierce, with Fidelity making strategic moves to maintain its market position. The firm adjusted its fee structure for its Canadian Bitcoin ETF to 32 basis points, matching…
Filed under: News - @ January 17, 2025 12:24 pm