The total net inflows into BlackRock’s IBIT fund surpassed the $40 billion mark as the crypto market sees increased optimism.
BlackRock, the world’s leading asset manager, is seeing increased investor optimism in its IBIT fund.
According to data from SoSoValue, BlackRock’s spot Bitcoin BTC $112 437 24h volatility: 1.8% Market cap: $2.24 T Vol. 24h: $32.37 B exchange-traded fund saw an inflow of $643.2 million with a daily trading volume of $3.2 billion on Wednesday, April 23.
This brought IBIT’s total net inflows to $40.6 billion. Data from Arkham, an on-chain intelligence platform, shows that the $11.5 trillion asset manager currently has 573,715 BTC, worth $53.2 billion.
BlackRock’s latest buying spree came after the crypto market started to see bullish momentum following US President Donald Trump’s statement on potentially lowering the tariffs on China.
The global crypto market cap reached a local high of $2.94 trillion on April 23, hinting at a potential bull run, before seeing a correction. Bitcoin’s break above $94,000 triggered bullish momentum for altcoins as well.
The US-based spot BTC ETFs recorded a net inflow of $917 million on the same day, pushing the cumulative net inflows to $37.6 billion, SoSoValue data shows.
Spot Ethereum ETH $4 248 24h volatility: 2.5% Market cap: $513.11 B Vol. 24h: $27.26 B ETFs in the US, however, struggle to maintain their positivity from April 22’s $38 million inflow. SoSoValue data shows that the ETH-based investment products saw a net outflow of $23.9 million on April 23, led by BlackRock’s $30.3 million selloff.
Mild Correction?
The crypto market is now seeing a correction, as it’s usually expected after a strong upward momentum.
Bitcoin is hovering at $92,500 with a market cap of $1.83 trillion. The BTC rally above $94,000 helped it flip the market values of silver and Amazon at $1.837 trillion.
The recent correction would be considered normal since some short-term traders eye short-term gains.
Bitcoin would need to hold the psychological $90,000 mark. If the price falls below that, there’s a high chance of seeing another phase of a strong selloff, potentially to $80,000 or below.
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