BlackRock's Bitcoin ETF, known as IBIT, has gathered more than 500,000 Bitcoins, which constitutes 2.38% of the total Bitcoin supply globally. This accumulation has pushed the ETF's assets under management to $48 billion, given the current Bitcoin price of $96,000.
The daily selling pressure for BTC has significantly declined by 42% compared to its peak in November. This drop in selling pressure indicates increased market stability and investor confidence.
Recently, the Bitcoin ETF observed $353.6 million in net positive flows on a particular Monday, reflecting strong investor interest and capital inflow.
This development underscores the growing importance of institutional players like BlackRock in the cryptocurrency market and their impact on Bitcoin's pricing dynamics.
