Anthony Scaramucci, the founder of SkyBridge Capital, expressed his enthusiasm about the rate at which BlackRock’s spot Bitcoin ETF (iShares Bitcoin Trust [IBIT]) is accumulating Bitcoin on the well-known X social media network (formerly known as Twitter).
Within the previous seven days, BlackRock’s exchange-traded fund, which is based on Bitcoin, has broken the $10 billion threshold this week. Scaramucci reminded his supporters that the $7 billion, $8 billion, and $9 billion benchmarks were met earlier this week.
https://x.com/Scaramucci/status/1763503537265275324?s=20
Scaramucci appears to be paying close attention to BlackRock’s milestone success, as though it has personal significance for him. The financier also brought up the fact that, as of two weeks ago, iBIT had reached the $5 billion milestone for the acquired Bitcoin to his followers. Scaramucci is well-known for being an outspoken advocate of cryptocurrencies, having supported Ethereum, Bitcoin, and a number of other well-known altcoins. Scaramucci established the aforementioned fund, which enables investors to own Bitcoin, Ethereum, and other cryptocurrencies.
Bitcoin ETFs keep scooping up BTC
The @lookonchain blockchain sleuth claims that on February 29, eight spot Bitcoin funds bought 14,934 BTC, or $940 million, the largest cryptocurrency in the world, for around $1 billion.
BlackRock took 10,140 BTC, or $638 million, out of this remarkable total. The Fidelity Bitcoin ETF witnessed an inflow of 4,066 BTC (or $255.9 million) on Thursday, making it the second-largest Bitcoin buy. On that day, Grayscale ETF sold 2,223 Bitcoin for $139.8 million.
On February 28, the ETFs bought significantly less Bitcoin overall—12,187 $BTC ($745 million). In this case, BlackRock’s stake was 9,114 BTC. BlackRock’s iBIT currently has 151,536 BTC.
Bitcoin’s staggering price action
The latest spike in Bitcoin prices is said to be the result of the aforementioned funds’ ongoing buying of the cryptocurrency, as BTC surged by an incredible 23.52% earlier this week, rising to $63,000 between Monday and Thursday.
But now that this sharp rise has stopped, Bitcoin has lost part of its recent gains in the previous 24 hours. Earlier today, it dropped 3.31% and returned to the $60,000 range. However, after gaining 1.84%, Bitcoin has again recovered to $62,000.
