The momentum in cryptocurrency-linked exchange-traded funds (ETFs) continues, particularly with BlackRock's iShares Bitcoin Trust (IBIT) taking center stage.
Despite Bitcoin struggling to maintain the crucial $68,000 mark, BlackRock has aggressively capitalized on the price dip, acquiring approximately 29,714 BTC (around $2 billion) over nine consecutive trading days. This brings IBIT’s total holdings to 399,355 BTC, worth about $27.16 billion, constituting over 2% of Bitcoin’s circulating supply.
On specific days, BlackRock’s activity included purchases of 2,436 BTC on October 24 and 4,798 BTC on October 23.
Meanwhile, Bitcoin spot ETFs reported a total net inflow of $188.11 million, with IBIT leading the way at $165.54 million, raising its cumulative net inflow to $23.69 billion.
While Grayscale’s GBTC experienced a net outflow of $7.05 million, Bitwise’s BITB reported a daily inflow of $29.63 million. Among the 1,800 ETFs launched in the last four years, IBIT stands out as the most successful, with $26 billion in assets.
Recently, it saw an additional $323 million in inflows, underscoring its dominance in the market as institutional interest in Bitcoin remains strong.
Gold advocate Peter Schiff issued a stark warning on monetary policy and sparked fresh debate about Bitcoin’s perceived scarcity. In a pair of high-profile posts on July 12, Schiff criticized the current Fed rate stance and challenged the logic behind Bitcoin’s 21 million supply cap.
A sharp divergence has emerged between Bitcoin’s exchange balances and its surging market price—signaling renewed long-term accumulation and supply tightening.
Bitcoin touched a new all-time high of $118,000, but what truly fueled the rally?
Robert Kiyosaki, author of Rich Dad Poor Dad, has revealed he bought more Bitcoin at $110,000 and is now positioning himself for what macro investor Raoul Pal calls the “Banana Zone” — the parabolic phase of the market cycle when FOMO takes over.