Tuesday saw a massive inflow of nearly $778 million into the BlackRock iShares Bitcoin ETF (IBIT), as investors in the fund appeared to have taken advantage of the decline in the largest cryptocurrency in the world.
With 12,600 new bitcoin added, IBIT surpassed the 10,000 daily record. More than 107 million shares, or more than $3.6 billion price-weighted, were traded by the fund, above the previous record high of $3.3 billion set last week, according to data from Nasdaq.
The significant inflows coincided with a sudden reversal in bitcoin’s price within minutes, which saw the cryptocurrency drop more than 10% to below $60,000 before making a little rebound to the $63,000 region late in U.S. trading.
Nearing MicroStrategy’s (MSTR) 193,000 stack, the BlackRock ETF currently owns more than 183,000 bitcoin.
As of January 11, when the products became live, IBIT is still the most well-liked bitcoin ETF. With an estimated $12 billion in assets under management, it has the largest amount among its competitors, trailed only by Fidelity’s $7.2 billion in FBTC.
ETF volumes exceeded the record set last week by surpassing the $10 billion threshold overall Tuesday.
As of Wednesday morning US time, the price of bitcoin is little under $66,000, down about 3% from the previous day. Over the same time frame, the broad-based liquid CoinDesk 20 (CD20) index had a 5.8% loss.