Bitcoin News

BlackRock’s IBTC ETF Sees $532.9M in Gains

Written By

Florence Muchai

Edited by

Harsh Chauhan

July 23, 2024

BlackRock’s IBTC leads the $532.93M Bitcoin ETFs gains

BlackRock’s spot Bitcoin exchange-traded fund (ETF), the iShares Bitcoin Trust (IBIT), has seen a massive inflow of $515.84 million today. Overall. 9 Bitcoin ETFs have added 8,021 Bitcoins worth $532.93 million.

Spot Bitcoin ETFs continue the upward trend

The resilience seen in the crypto community within the last month tells a tale of trust in decentralized finance. Spot Bitcoin ETFs went live in January 2024, and within that period, they have lived through the German government BTC sell-offs. At this time, BTC ETFs saw low inflows due to FUD and market volatility.

BTC ETFs have been on green streaks amid customer BTC payments by the defunct Japanese crypto exchange, Mt. Gox. According to on-chain data from Lookonchain, 9 spot BTC ETFs have added $532.93 million in Bitcoin.

July 23 Update:#Blackrock added 7,764 $BTC(+$515.84M) and currently holds 334,943 $BTC($22.25B)!#Grayscale added 268 $BTC(+$17.8M) and currently holds 272,062 $BTC($18.08B).

9 ETFs added 8,021 $BTC(+$532.93M).https://t.co/cAaG1UNflT pic.twitter.com/RdsqC6whUW

— Lookonchain (@lookonchain) July 23, 2024

According to CoinGecko, Bitcoin (BTC) is currently worth $66,211, down 1.2% in the last 24 hours. The global crypto market cap sits at $2.55 trillion today, with BTC taking $1.32 trillion, a 51.82% market dominance.

As per today’s update, BlackRock added 7,764 Bitcoins worth $515.84 million, bringing its total holdings to 334,943 BTC worth $22.25 billion. On the other hand, Grayscale added 268 Bitcoins worth $17.8 million, bringing its total holdings to 272,062 Bitcoins worth $18.08 billion.

Also Read: Spot Ethereum ETF Go Live- Here’s What You Should Know

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Written by Florence Muchai

Florence Muchai is a crypto journalist at CryptoNewsZ with four years of experience covering Crypto, Blockchain, Web3, NFT, and AI. She has written for MSN and CryptoPolitan, bringing a wealth of knowledge to the industry. Florence holds a Bachelor's Degree in Disaster Management and International Diplomacy and a Master's Degree in Clinical Psychology. She is a digital nomad and explores the intersections of decentralized and traditional finance, offering insightful analysis on wealth creation, financial literacy, and the evolving digital economy. She is ionate about empowering readers with knowledge and delves into emerging trends, regulatory developments, and the impact of blockchain on global finance.

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