News - BlackRock buys 12,447 Bitcoin in one day

By Mike Hesp

BlackRock buys 12,447 Bitcoin in one day

Bitcoin (BTC)
ETF

Bitcoin ETFs are exceeding all prediction. A new record has now been set, as BlackRock bought 12,447 BTC yesterday.

The Bitcoin ETFs authorized in the U.S. less than two months ago are breaking one record after another. Now BlackRock's iShares Bitcoin Trust (IBIT) has bought a whopping 12,447 Bitcoin in just one day, according to BitMEX Research.

In total, BlackRock's Bitcoin ETF already about 171,000 BTC, which are currently worth $11.4 billion. This represents an impressive 22 percent market share. In second place among new ETFs is the Fidelity product with 110,000 BTC, currently equivalent to $7.4 billion.

Only the converted Grayscale Trust holds more at 415,000 BTC than BlackRock does with its ETF. However, the Grayscale ETF is gradually bleeding to death Because it involves higher costs. Grayscale has lost more than 202,000 BTC since the ETF was approved.

BlackRock was the biggest beneficiary. The financial giant's Bitcoin ETF costs just 0.25 percent in annual fees, compared with 1.5 percent for Grayscale's rival product.

BlackRock has only recently begun to promote its product. However, the world's largest asset manager is taking a serious attitude and strikes a calm tone rather than boasting with a multitude of superlatives.

Yet the financial giant could have overtaken MicroStrategy in just one week. Michael Saylor's company currently holds about 193,000 BTC, putting it only just ahead of BlackRock.

Together, the Bitcoin ETFs have an impressive 776,000 BTC, which is already 3.95 percent of the Bitcoin currently in circulation. And the trend is rising. The new capital flowing into the market through ETFs could fuel a positive trend in the coming quarters.

Download the Anycoin App

Finally, a crypto app for everyone!

Check it out