NEW YORK, March 6, 2024 — Investors have poured an unprecedented amount of capital into BlackRock’s Bitcoin ETF as the cryptocurrency surged to a new all-time high.

On Tuesday, March 6, the iShares Bitcoin ETF (ticker IBIT) attracted a record-breaking $788.3 million, marking its 37th consecutive day of inflows. This remarkable influx has pushed the fund's total assets to an impressive $11.5 billion, underscoring its dominant position in the market.

Bitcoin’s price briefly soared above $69,000 on Tuesday, setting a new all-time high and surpassing the peak it reached in late 2021. The cryptocurrency’s recent gains have been fueled by robust demand for Bitcoin ETFs and growing optimism about an imminent reduction in the rate of Bitcoin’s supply growth. However, following this sharp increase, Bitcoin's price has moderated slightly and is now trading near $67,000, a movement that is likely attributed to profit-taking by investors.

Emily Roland, co-chief investment strategist at John Hancock Investment Management, commented on the situation, stating, “It’s a mix of FOMO, sentiment, and momentum.” This reflects the intense investor enthusiasm and speculative behavior driving the current market dynamics.

In addition to BlackRock’s ETF, the broader market for Bitcoin ETFs also experienced historic trading volumes on Tuesday. The ten US spot Bitcoin ETFs that were approved in January—a landmark event for the cryptocurrency sector—collectively saw over $10.3 billion worth of shares change hands. This figure not only represents a record volume for the segment but also surpasses the previous high of $10 billion set just the week before.

The surge in ETF activity and Bitcoin’s price highlights the growing acceptance and integration of cryptocurrency into mainstream investment portfolios. As these funds continue to attract significant capital, they are playing a crucial role in shaping the future of the digital asset market