BlackRock Leads the Largest Cash Inflows in the Bitcoin ETF Market, Signaling Growing Institutional Interest

BlackRock's ETF currently holds approximately $34.2 billion in Bitcoin (BTC), setting a benchmark in the industry. The current BTC holdings in IBIT

BlackRock's (NYSE:BLK) ETF currently holds approximately $34.2 billion in Bitcoin, setting a benchmark in the industry.

The current BTC holdings in IBIT contribute notably to the U.S. spot BTC ETF market's overall value of $78.5 billion.

Following the overwhelming support of pro-crypto candidates in the United States and the recent Fed rate cut, which followed similar moves in major jurisdictions, the demand for Bitcoin (BTC) has significantly escalated.

The United States is expected to follow El Salvador's footsteps in accumulating Bitcoins to counter the ballooning debt crisis, aligning with a positive bitcoin price prediction as demand intensifies.

As a result, institutional investors, led by the U.S. spot BTC ETF issuers, have continued to aggressively accumulate more Bitcoins.

BlackRock Leads in Largest Cash Inflows

According to the latest market data, the US spot BTC ETF issuers registered a net cash inflow of $1.38 billion on Thursday, the highest since the historic approval earlier this year. BlackRock's IBIT registered a net cash inflow of about $1.12 billion on Thursday, thus currently holding about $34.2 billion worth of Bitcoins.

Fidelity's FBTC registered the second-largest net cash inflow of about $190 million, thus currently holding a total of $14.58 billion, worth of Bitcoins. In total, the US spot BTC ETF issuers currently hold about $78.5 billion worth of Bitcoins.

Good morning,

Yesterday's Bitcoin ETF inflows have reached a new high with $1,373.8 million of inflows.

Blackrock did $1,119.9 million and Fidelity $190.9 million.

Price went from $75k to $76.5k now, sitting back at $75.7k. As I mentioned yesterday those flows from Blackrock… pic.twitter.com/wESL0v8K5B

Remarkably, more than 24k Bitcoins, worth over $1.8 billion have been withdrawn from different cryptocurrency exchanges in the past two days.

Impact on BTC Price Action

The amount of excitement with 5-10% move… Imagine the long white monthly candle and what can follow afterwards. $BTCUSD pic.twitter.com/4M8sI9S7rh

Having printed a new all-time high above $76k, Bitcoin price is expected to grind higher in the coming weeks. Amid the rising adoption by nation-states, institutional investors, and retail traders, Bitcoin price could easily reach a six-figure dollar range before the end of this year or possibly early in 2025.

Bitcoin's supply vs demand crunch is expected to escalate further when the U.S. government begins to purchase more coins after promising to accumulate 1 million BTCs in five years.

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