- On Thursday, Grayscale saw massive outflows of $598.9 million.
- Market watchers have anticipated the $10 billion milestone for quite some time for BlackRock.
The spot Bitcoin ETF market was boosted as of February 29th’s trading closure by the enormous inflows recorded by the offering associated with the top investment asset management company, BlackRock, iShares Bitcoin Trust (IBIT).
On Thursday, Grayscale saw massive outflows of $598.9 million, which, if not mitigated, would have caused a major fall in the spot Bitcoin ETF market. In contrast, BlackRock’s IBIT saw inflows of $604 million, more than offsetting the effects of GBTC’s precipitous decline. Moreover, all of the spot Bitcoin ETFs saw very little total net inflows.
All things considered, the net inflows reached around $92 million. It is worth mentioning that Grayscale saw its second-largest GBTC outflow on Thursday, after the approval of its Bitcoin ETF by the U.S SEC and those of other issuers.
Massive Milestone in Short Time
Genesis is said to have sold off $1.3 billion worth of GBTC after gaining court approval, which may have contributed to the outflow. Inflows like the one for BlackRock show that institutional investors are still keen on getting a piece of the Bitcoin action, regardless of sentiment. The market leader’s AUM has crossed $10 billion in the very short time.
Market watchers have anticipated the $10 billion milestone for quite some time, particularly when taking into account the inflows that BlackRock witnesses every day. The price of bitcoin has been surging ahead of the highly anticipated halving event in April. At the time of writing, Bitcoin was trading at $61,301, up 20.94% in the last 7 days as per CoinMarketCap. Several analysts are confident that the price will cross the all-time high of $69,000 in upcoming weeks.
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