BlackRock increases Bitcoin holdings to 242k despite record ETF outflows

The world’s largest asset management company, BlackRock, has increased the amount of Bitcoin on its balance sheet.

According to the website, BlackRock has increased the amount of Bitcoin (BTC) in its iShares Bitcoin Trust (IBIT) to 242,829. The volume of assets under management in the fund’s spot Bitcoin ETF reached $15.5 billion at the current exchange rate.

Fox journalist Eleanor Terrett also reported that BlackRock’s Head of Digital Assets, Robert Mitchnick, noted that Bitcoin is the top priority for the company’s clients, followed by Ethereum.

Mitchnick emphasized that the crypto community would like to see even more crypto products from BlackRock, but this differs from the company’s current focus.

“The crypto community would like to see a long tail of other crypto products from BlackRock, but he says “that’s just not where we’re focused.”

Robert Mitchnick, BlackRock Head of Digital Assets

According to SoSo Value, on March 21, IBIT took first place in terms of capital inflows. It added $233.4 million to its balance sheet, and the volume of funds under management reached $13.3 billion. In second place is an investment product from Bitwise Asset Management with $12.1 million, and in third place is Valkyrie Bitcoin Fund (BRRR) with $4.72 million.

At the same time, the total daily capital outflow in the spot Bitcoin ETF sector amounted to $93.8 million. The negative trend continues for the fourth day in a row due to an increase in outflows of $358.7 million from the GBTC fund from Grayscale Investments. Between March 18 and March 21, the figure rose to more than $1.8 billion, and the total outflow of funds amounted to more than $835 million.