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.
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