BlackRock’s Bitcoin ETF, known as IBIT, dominated US exchange-traded fund inflows on Wednesday, purchasing 2,250 BTC from the market worth $232 million. This significant purchase brings total BTC holdings for BlackRock’s fund to 628,000 units, a nearly 50% increase in just one month. The value of these additional coins brings their total value to approximately $22 billion.
Key Contributions to Inflows
- IBIT alone contributed $223 million to net inflows of $319 million into US Bitcoin ETFs on Wednesday.
- This marks the fourth consecutive week that IBIT has dominated inflows into US Bitcoin ETFs since mid-April.
- Other notable contributors included:
- Fidelity’s FBTC: Net inflows of $35 million.
- Grayscale mini-Bitcoin trust (GBTC): Net inflows of $35 million.
Market Insights
According to Glassnode data released by Bloomberg Intelligence analyst James Seyffart, the long-term holder realized price has risen to around $45,000. This reflects aging coins purchased between $90,000-$100,000 now transitioning into the long-term holder category, increasing the cost basis and highlighting growing maturity among holders for a longer-term perspective.
In contrast to previous rallies, the Bitcoin funding rate hasn’t spiked this time around. Most buying came through spot purchases rather than leverage, with giants like BlackRock contributing significantly.
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