The BlackRock iShares Bitcoin ETF (IBIT) made a splash on Tuesday, accumulating a record-breaking $778 million worth of Bitcoin (BTC). This massive purchase, consisting of 12,600 BTC, surpasses the fund’s previous daily acquisition peak of around 10,000 Bitcoin. Interestingly, this aggressive buying spree occurred amidst a volatile market session marked by significant price swings for Bitcoin.

Data from Nasdaq reveals a surge in trading volume for the ETF, exceeding 107 million shares. This translates to a price-weighted value of over $3.6 billion, shattering the previous record of $3.3 billion set just last week. The surge in volume underscores the growing investor appetite for Bitcoin and related financial products like ETFs. Notably, this robust activity mirrored Bitcoin’s price action, briefly touching a new all-time high of $69,000 before experiencing a sharp correction.

BlackRock is Just 10,000 BTC Behind MicroStrategy

Despite the market fluctuations, the BlackRock iShares Bitcoin ETF continued to attract significant investment, demonstrating its appeal to investors seeking to capitalize on price dips. The price of Bitcoin experienced a volatility decrease of more than 10%, dropping below $60,000, and later rebounded partially to reach the $63,000 range by the close of the US trading day. With this latest acquisition, the fund now holds over 183,000 Bitcoin, closely trailing behind the business intelligence giant MicroStrategy (MSTR), which possesses approximately 193,000 Bitcoin.

Having been introduced on January 11th, the BlackRock iShares Bitcoin ETF has quickly solidified its position as the foremost Bitcoin ETF. Its assets under management have experienced a remarkable surge, reaching an impressive $12 billion, outpacing all rival funds. Fidelity’s Bitcoin ETF (FBTC) lags with $7.2 billion in assets under management. Despite Bitcoin’s price resting just below $66,000, reflecting a nearly 3% decrease in the last 24 hours, the momentum within the ETF sector remains robust, evident in the combined volume surpassing the $10 billion threshold.

Grayscale’s Multi-Asset Staking Fund

Further innovation within the cryptocurrency space is evident with Grayscale’s launch of the Grayscale Dynamic Income Fund (GDIF). This unique product represents Grayscale’s foray into actively managed investment vehicles focusing on multi-asset staking. GDIF aims to maximize returns through staking rewards offered by Proof-of-Stake (PoS) digital assets, with capital appreciation playing a secondary role. Launched on February 29th, the fund supports nine cryptocurrencies, providing investors with new avenues to generate income from their digital assets.

The combined developments of the BlackRock iShares Bitcoin ETF’s record-breaking accumulation and Grayscale’s launch of GDIF reflect a broader trend within the cryptocurrency investment landscape. This trend emphasizes innovation and diversification, catering to a wider range of investor preferences and risk tolerances, ensuring continued growth and evolution in the digital asset space.

Also See: Bitcoin Bang! Surges Past $69,000 With New All-Time High