BlackRock's head of digital assets previously said that he was expecting a flood of institutional investment
Notably, this makes up an impressive 12% of the fund's total holdings. Despite the recent launch of cryptocurrency ETFs in Hong Kong, Balchunas claims that the firm likely opted for a US-based Bitcoin ETF due to the allure of low fees and high volume.
Earlier this week, BNP Paribas, the largest banking group in Europe, also recently disclosed that it holds a small number of IBIT shares in what appears to be another sign of mainstream adoption. its inflow streak on Apr. 25 at 73 days. Amid the recent Bitcoin price crash, the record-breaking ETF recorded its first outflows on May 2. IBIT even posted the biggest discount ever to its underlying asset earlier this week, with Bitcoin ETFs suffering from severe pressure.
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