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BlackRock’s Bitcoin spot ETF breaks $2 billion in assets as Bitcoin hits $42,000

Over 50,000 Bitcoin is now under iShares Bitcoin Trust’s management.

BlackRock’s Bitcoin spot ETF breaks $2 billion in assets as Bitcoin hits $42,000

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BlackRock’s spot Bitcoin exchange-traded fund (ETF), iShares Bitcoin Trust, has eclipsed the $2 billion mark in assets today, according to data from Bloomberg ETF analyst James Seyffart. This milestone came amid Bitcoin’s surge to $42,000, up to over 5% in the last 24 hours.

Following closely behind BlackRock, Fidelity’s spot Bitcoin product has over $1.7 billion in assets under management. However, recent observations by Seyffart indicate a cooling trend in the inflow and trading volume of these ETFs in two consecutive days.

The decline in momentum was more pronounced on Wednesday, with the ETFs experiencing the largest single-day net outflow so far, and BlackRock’s fund capturing only $66 million of that day’s total, Seyffart highlighted.

Grayscale’s Bitcoin Trust (GBTC), on the flip side, has seen a slowdown in outflows over three consecutive days, according to data analysis platform Lookonchain.

Fears over Bitcoin selling pressure have increased over the past week as the price of Bitcoin dropped 20% to $39,000 following the approval of spot Bitcoin ETFs. Seyffart suggested that investors might sell GBTC to buy other spot Bitcoin ETFs. With GBTC outflows now at ease, JPMorgan’s Managing Director, Nikolaos Panigirtzoglou, predicts that the slowdown in GBTC outflows may indicate reduced profit-taking activities by Grayscale’s customers.

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