BlackRock’s iShares Bitcoin Trust (IBIT) accelerated Bitcoin (BTC) acquisitions this week, absorbing over half a billion dollars in two days.
The largest spot BTC ETF recorded a net cash inflow of about $505.7 million over the past two days, according to data from SoSoValue, as analyzed by Finbold on April 16. After opening this week with an inflow of $34.70 million, IBIT investors purchased $213.83 million in Bitcoin on Tuesday and $291.86 million on Wednesday.
Over the past two days, the fund recorded a total traded volume of roughly $104.05 million. Amid the renewed demand for Bitcoin through spot BTC ETFs, as Finbold pointed out, BlackRock’s IBIT has seen its net assets grow to approximately $59.73 billion at press time.
What does BlackRock’s Bitcoin buying mean for the BTC price?
The renewed demand for Bitcoin through BlackRock’s IBIT has catalyzed bullish sentiment. Despite the crypto market crash, investors have accumulated BTC through the asset manager year to date, as Finbold reported.
Since the beginning of this week, Bitcoin price has gained 5.7%, trading at around $74,710 at the time of publication. As such, the flagship coin added nearly $86 billion in market capitalization to hover at $1.5 trillion at reporting time, as per updates from Finbold.
The fresh capital from institutional investors into Bitcoin could help the asset break out of the resistance level around $75,000. Moreover, the easing geopolitical tensions in the Middle East have been favorable for crypto assets.
However, BTC’s price could face a near-term correction if fresh capital into IBIT slows. Furthermore, Bitcoin price has formed a possible double top – a bearish reversal pattern that forms after an asset makes two consecutive peaks – at around $75,000 in the past three days.
