BlackRock defies record ETF outflows, boosts Bitcoin holdings to 242k
BlackRock, the world’s largest asset management company, has recently increased its holdings of Bitcoin. The iShares Bitcoin Trust (IBIT), managed by BlackRock, now holds 242,829 Bitcoins, valued at $15.5 billion. This move highlights the growing interest in Bitcoin among BlackRock’s clients. Robert Mitchnick, BlackRock’s Head of Digital Assets, confirmed that Bitcoin is the top priority for their clients, followed by Ethereum. However, he also mentioned that while the crypto community wants more crypto products from BlackRock, the company’s current focus is different.
On March 21, IBIT attracted the highest capital inflows, adding $233.4 million to its balance sheet. The total assets under management for IBIT reached $13.3 billion. Bitwise Asset Management’s investment product came in second with $12.1 million, followed by Valkyrie Bitcoin Fund (BRRR) with $4.72 million.
Despite the positive inflows for these funds, the spot Bitcoin ETF sector experienced a total daily capital outflow of $93.8 million. This negative trend has persisted for four consecutive days, primarily due to substantial outflows of $358.7 million from Grayscale Investments’ GBTC fund. Between March 18 and March 21, the outflows from GBTC reached over $1.8 billion, contributing to a total outflow of funds exceeding $835 million.
In summary, BlackRock’s increased Bitcoin holdings demonstrate the growing interest in cryptocurrencies among institutional investors. While some funds experienced capital inflows, the spot Bitcoin ETF sector faced significant outflows, primarily driven by the GBTC fund.
