The BlackRock-backed spot Bitcoin (BTC) exchange-traded fund (ETF), iShares Bitcoin Trust (IBIT), has recorded 9 consecutive days of cash inflows.
Between April 8 and April 20, BlackRock’s IBIT registered net cash inflow of approximately $1.609 billion. The largest single-day inflow for IBIT in the past 9 days was $291.86 million on April 15, representing an acquisition of 3,891 BTCs. The smallest daily cash inflow for this fund was $34.70 million on April 13, corresponding to the purchase of approximately 473 Bitcoin.
Consequently, IBIT accumulated about 21,536 Bitcoin over these nine days. At the time of publication, the fund held about 806,178.4 Bitcoin, valued at roughly $61.52 billion on April 21, according to metrics from SoSoValue.
The recent renewed institutional demand for Bitcoin through IBIT helped the fund record its highest weekly cash inflow since mid-January last week, totaling approximately $906.09 million, as Finbold highlighted.
Bitcoin price rises on renewed demand from BlackRock’s IBIT
The renewed demand for Bitcoin through BlackRock’s IBIT has fueled the asset’s bullish rebound. Furthermore, other institutional investors, led by Strategy Inc (MSTR), accelerated their BTC purchases in the past week, as Finbold reported.
Amid the notable cash inflows to IBIT, BTC price managed to convert its prior resistance around $70,840 into a support zone. Consequently, the flagship coin climbed over 7% to trade at about $75,780 at press time.
If BlackRock’s IBIT continues to record net cash inflows in the coming days, BTC price could easily surge above $80,000. Moreover, the supply of Bitcoin on all cryptocurrency exchanges has dropped to a fresh yearly low over the past few days, as Finbold pointed out.
