BlackRock Buys $289M in Bitcoin as ETF Inflows Hit $500M

BlackRock buys $289M in Bitcoin as U.S. spot Bitcoin ETFs record a two-week high of $500M in daily inflows led by IBIT.

Large U.S. Bitcoin ETFs saw strong demand this week as BlackRock purchased $289 million in Bitcoin within one hour.

The activity occurred during the best single-day inflow for U.S. spot Bitcoin ETFs in two weeks, with total inflows near $500 million.

BlackRock Records Major Bitcoin Purchase

Data showed that BlackRock moved about 4,309 BTC to the iShares Bitcoin Trust (IBIT) wallets on Feb. 26.

Transfers came from Coinbase Prime hot wallets. The movement took place in several batches within the same hour.

Arkham Intelligence and Lookonchain shared logs showing multiple 300 BTC transfers to IBIT-linked addresses.

Each transfer was valued at around $20 million based on market prices. A smaller transfer of about 108.6 BTC was also recorded. The timestamp for these transfers was around 5:45 PM UTC.

BlackRock had purchased BTC worth $64.5 million five days earlier. This followed a day after the firm moved $173 million in BTC to Coinbase.

Market watchers tracked this activity because other ETFs reported outflows during that period.

ETF Inflows Reach Two-Week High

According to SoSoValue, U.S. spot Bitcoin ETFs saw $506.51 million in net inflows on Feb. 25. This was the highest one-day inflow in two weeks.

Total cumulative inflows have now reached about $54.57 billion across all issuers.

IBIT led the day with $297.37 million in inflows. Fidelity’s FBTC recorded $30.09 million, and GBTC posted $102.49 million. BITB from Bitwise added $39.37 million.

These figures show that IBIT continues to attract the most inflows among U.S. spot Bitcoin ETFs.

Grayscale and VanEck saw inflows of $19.29 million and $15.61 million. ARKB by ARK 21Shares logged $2.29 million.

Smaller ETFs, including BTCO, BRRR, EZBC, BTCW, and DEFI, reported no net flows that day.

Related Reading: BlackRock Moves $75M in BTC to Coinbase – Dump or Strategy?

Market Reaction and Analyst Views

Bloomberg ETF analyst Eric Balchunas noted that the renewed inflows arrived after weeks of withdrawals.

He said the rise in interest was well timed for the market. He also added that it is unclear whether the trend will form a long-term pattern.

Bitcoin traded near $66,900 at the time of writing, down 1.6% from the previous day. The price dipped even as ETF inflows increased.

Charts from TradingView showed that BTC briefly fell below $67,000 during the trading session.

Data from Glassnode suggested that recent profit-taking kept Bitcoin below $70,000.

The firm said that demand slowed near that price level. It noted that all recovery attempts in February met resistance near the same range.

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