BlackRock’s (NYSE) Bitcoin ETF, IBIT, saw another significant surge in inflows, with more than $317 million entering the fund in the past 24 hours, according to SoSo Value. This represents a dramatic 737% increase from the previous day’s inflows of $42.98 million.
For nearly two weeks, inflows into BlackRock’s Bitcoin ETF have been steadily climbing, bringing the total amount raised by IBIT close to $2 billion. These inflows are matched by corresponding cryptocurrency purchases, with BlackRock acquiring Bitcoin as collateral for the ETF.
Prior to the latest $317 million inflow, BlackRock’s iShares Bitcoin Trust ETF held 392,121 BTC, worth approximately $26.27 billion. With the new inflows, this amount is expected to surpass $27 billion, adding around 637 BTC to the fund.
As BlackRock continues to accumulate Bitcoin, it raises questions about the firm’s long-term crypto strategy. Already one of the largest holders of cryptocurrency, the ETF may be just a stepping stone in BlackRock’s broader ambitions to dominate the Bitcoin market. The scale of their crypto appetite remains an open question.