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    Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.

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Bitcoin ETF Market Heats Up as Blackrock IBIT Surpasses 200,000 BTC

Story Highlights
  • BlackRock's iShares Bitcoin Trust (IBIT) holdings grew significantly to over 200,000 Bitcoins.

  • This increase coincides with a record-breaking $775 million inflow into IBIT and Fidelity's Bitcoin Trust (FBTC) on the 20th of February.

  • The rise in Bitcoin holdings and ETF inflows is seen as a positive sign for the cryptocurrency market's maturity and resilience.

BlackRock’s iShares Bitcoin Trust (IBIT) has witnessed a significant surge, now holding over 200,000 Bitcoins valued at about $14.76 billion as of March 11, 2024.

This remarkable rise, marking a staggering 116% increase, follows a sudden influx of institutional investments into the spot Bitcoin ETFs market. This surge isn’t just a triumph for Bitcoin; it’s a significant moment for the entire digital assets market.

A Growth for the Books

BlackRock’s IBIT now boasts over 200,000 Bitcoins, with a combined value of $14.76 billion.

The released data also sheds light on the iShares Bitcoin Trust’s Net Asset Value (NAV) of $41.27 on March 11, 2024, with a 4.55% increase in NAV on the same day.

BlackRock has also provided insights into IBIT’s fees, revealing a 0.25% Sponsor Fee. However, the company has opted for a bold move, announcing a fee waiver for the first 12 months, effectively reducing the Sponsor Fee to 0.12% for the first $5.0 billion of the Trust’s assets. Following this period or if the fund exceeds $5.0 billion within the year, the Sponsor’s Fee will return to 0.25%.

Did You Know? MicroStrategy Dethroned: BlackRock ETF Becomes Top Bitcoin Holder

Institutional Investors Flood the Markets

Institutional investment in Bitcoin ETFs is witnessing a surge. Recent data shows a massive $505.6 million inflow into the US Spot Bitcoin ETFs market, highlighting a strong institutional interest, according to the provisional data of Farside UK.

BlackRock’s IBIT and Fidelity’s Bitcoin Trust (FBTC) have collectively received a staggering $775 million in inflows. Notably, on February 20th, BlackRock’s IBIT reached a historic pinnacle with a $562.9 million inflow, while FBTC saw a $215.5 million inflow.

Despite the overall surge, Grayscaleโ€™s Bitcoin Trust (GBTC) has experienced significant outflows.

Market Dynamics and Future Outlook

This surge in Bitcoin and ETF inflows coincides with Bitcoin’s climb to a new all-time high, surpassing $72,000. Analysts attribute this uptrend to positive developments in the Bitcoin ETF space and anticipation surrounding the Bitcoin halving.

Bitcoin is currently priced at $72,155.372, with a 24-hour trading volume of $55.95 billion.

The influx of institutional investments into Bitcoin ETFs carries significant implications. BlackRock’s substantial Bitcoin position and record-breaking inflows into the US Spot Bitcoin ETFs highlight the market’s maturity and resilience, even amidst turbulent times.

Read More: Crypto Bull Run Begins: TOP 10 Altcoins to 10x Before Bitcoin Halving

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