Tuesday's Carnage Added a Record 12.6K BTC to BlackRock's Bitcoin ETF

Over $778 million worth of bitcoin {{BTC}} was purchased by the BlackRock iShares Bitcoin ETF (IBIT) on Tuesday. This was seemingly due to the fact that the fund's investors appeared to have taken advantage of the decline in the world's largest cryptocurrency.

A total of 12,600 bitcoin were added by IBIT, surpassing the previous daily highs of approximately 10,000. The fund's trading volumes reached more than 107 million shares, which is equivalent to more than $3.6 billion price-weighted, according to data from Nasdaq.

This figure surpasses the previous record high of $3.3 billion, which was reached the previous week.

During the early hours of Tuesday, bitcoin reached a new all-time high of $69,000, but it quickly reversed course within minutes, resulting in significant inflows of capital

The price dropped by more than ten percent at one point, reaching a level below sixty thousand dollars, before making a slight rebound to the region of sixty three thousand dollars late in the trading day in the United States.

BlackRock's exchange-traded fund (ETF) currently has more over 183,000 bitcoin, bringing it closer to the 193,000 stack held by MicroStrategy (MSTR).

Since the products went live on January 11, IBIT has continued to be the most popular exchange-traded fund (ETF) for bitcoin. At the moment, its assets under administration amount to approximately $12 billion, making it the most valuable among its competitors. Fidelity's FBTC comes in second with $7.2 billion.

As of the morning hours in the United States on Wednesday, the price of bitcoin was just under $66,000, representing a decrease of about 3% over the course of the previous twenty-four hours. During the same time period, the CoinDesk 20 (CD20), which is a broad-based liquid index, had a loss of 5.8%.