BlackRock Bitcoin ETF Loads 3,450 Bitcoins, BTC All-Time High Soon?

BlackRock Bitcoin ETF (IBIT) continues to hit new milestones, scooping 3,450 Bitcoins on Friday, while registering 19 days of consecutive inflows. As BTC aims for fresh all-time highs after a breakout above $103K, IBIT contributed with $356 million inflow yesterday, taking the total inflows to more than $44.7 billion since inception, and holds a total of 625,000 Bitcoin in its treasury. BlackRock Bitcoin ETF Cliches New Milestones BlackRock iShares Bitcoin Trust (IBIT) has recorded inflows for 19 consecutive trading sessions since mid-April, while driving a majority of the inflows in this space. On Friday, the total Bitcoin ETF inflows stood at $321 million, of which IBIT contributed a major chunk. As seen in the image above, BlackRock’s IBIT has witnessed consistent inflows periodically since inception, and leads its immediate competitor, Fidelity’s FBTC, by a margin of 4x. Furthermore, the asset manager also submitted the S-1 amendment for the BlackRock Bitcoin ETF (IBIT) while talking about the risks of Quantum computing. Commenting on this, Bloomberg ETF strategist James Seyffart said: “To be clear. These are just basic risk disclosures. They are going to highlight any potential thing that can go wrong with any product they list or underlying asset thats being invested in. It’s completely standard. And honestly makes complete sense”. Bitcoin ETF Inflows Approach Critical Growth Level Bitcoin ETF flows are nearing a significant milestone that could trigger substantial price growth, reported Ecoinometrics. The report highlights that rolling 30-day inflows are currently just 10,000 BTC below the 60,000 BTC threshold. Econometrics noted that this flow-to-price model consistently leads to strong price appreciation for the cryptocurrency. As said, BlackRock Bitcoin ETF has been leading most of these flows. The chart above shows a clear correlation between Bitcoin ETF flows and Bitcoin’s price movements over the past year. The chart illustrates how Bitcoin’s price, which has fluctuated between $60,000 and $100,000, responds positively when inflows cross above the 60,000 BTC threshold. BTC Price Eyes Fresh All-Time Highs? BTC price continues to show strength, currently trading at $103K levels and eyeing a breakout to fresh all-time highs above $109K. This is possible anytime soon amid heavy whale accumulation. Wallets holding between 1,000 and 10,000 BTC—commonly referred to as Bitcoin whales—are continuing their accumulation trend, according to data from Cryptoranks. Often comprising institutional investors such as hedge funds and Bitcoin mining companies, these entities play a pivotal role in shaping the next move. ✓ Share: Bhushan Akolkar Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss. Source: https://coingape.com/blackrock-bitcoin-etf-loads-3450-bitcoins-btc-all-time-high-soon/