BlackRock’s spot Bitcoin ETF is in the spotlight once again as it approaches 3% of Bitcoin’s (BTC) total supply amid a surge in investor inflows. According to blockchain analysis firm Arkham Intelligence, the world's largest asset manager currently holds about 2.77% of all Bitcoin in circulation, which equates to more than 582,000 BTC and is currently worth about $56 billion. Arkham announced today that $1.2 billion worth of Bitcoin was added to the ETF this week alone. While BlackRock’s staggering $12 trillion in total assets under management dwarfs its Bitcoin holdings, the speed and scale of accumulation is striking. On Wednesday, the iShares Bitcoin Trust (IBIT) saw inflows of $643 million, its biggest single-day increase in more than three months. Related News: Critical Number Revealed for Bitcoin: Miners Start Losing Money If BTC Falls Below This Number The ETF's growing dominance comes on the heels of last month's European BTC-based exchange-traded product launch as BlackRock expands its footprint in digital assets beyond the United States. It is worth noting that BlackRock manages these assets on behalf of its clients, meaning that those investing in Bitcoin are its investors, not the company itself. Speaking to CNBC on Thursday, Jay Jacobs, BlackRock’s head of U.S. equity ETFs, suggested that global instability has increased interest in alternative stores of value. “If there’s going to be more uncertainty around the world, things like gold and Bitcoin should continue to rise,” Jacobs said. “People are looking for these assets that are going to behave differently. *This is not investment advice. Continue Reading: BlackRock’s Bitcoin (BTC) Holdings Revealed: Here’s The Stash
