BlackRock’s Bitcoin ETF IBIT Buys 26,000 Bitcoin Worth $2.5B in One Week Including $531M on May 5

BlackRock’s Bitcoin spot ETF, IBIT, has purchased over 26,000 Bitcoin in the past week, amounting to approximately $2.5 billion in inflows. This buying activity represents nearly two months’ worth of new Bitcoin supply, while the supply available on exchanges continues to decline. On May 5 alone, IBIT acquired 5,640 Bitcoin valued at $531.2 million, marking the 15th consecutive day of inflows and bringing the total inflows over 15 days to $4.6 billion. The daily purchase rate by BlackRock’s ETF has reached around $500 million, significantly exceeding the approximately 450 newly mined Bitcoins per day, indicating a potential supply squeeze in the market. This is an AI-generated article powered by DeepNewz, curated by The Defiant. For more information, including article sources, visit DeepNewz . To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io

Source: The Defiant