During the initial two months since BlackRock launched its iShares Bitcoin ETF (IBIT), it managed to acquire more Bitcoin (BTC) than MicroStrategy. IBIT disclosed holding over 195k Bitcoin at the start of March, surpassing MicroStrategy’s 193k tokens at the end of February. MicroStrategy recently announced a capital raise to purchase more Bitcoin, potentially increasing their holdings since then.

BlackRock’s Bitcoin ETF (IBIT) has been consistently adding millions of dollars worth of Bitcoin daily, positioning itself as one of the leading spot products. The demand for new spot ETFs has driven Bitcoin's price surge of over 60% this year, recently reaching an all-time high above $70k.

Inflows Despite Market Downturn

Recent data from Farside Investors show that IBIT had net inflows of $73 million on April 15, slightly lower than the day before. Excluding Grayscale, other ETFs did not experience inflows during the same period. However, IBIT’s inflows were not sufficient to offset the outflows from the Grayscale Bitcoin Trust (GBTC), which saw $110.1 million in outflows on April 15.

The overall market has been turbulent, with Bitcoin down 11.6% for the week leading to April 15. Global Bitcoin investment products experienced outflows totaling $110 million by April 12, indicating investor hesitancy towards the cryptocurrency market. Additionally, all combined crypto investment products had net outflows of $126 million the previous week, reflecting increased volatility due to the impending Bitcoin halving on April 20.

Synopsis

Despite market uncertainties, BlackRock's ETFs continue to attract inflows, with IBIT maintaining a significant holding of over 195k bitcoins. Recent data shows outflows in global Bitcoin investment products, suggesting some hesitation among investors in the crypto market.

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