Bitcoin’s price is back at all-time highs — and Wall Street can’t get enough.
On Thursday, just as Bitcoin soared to $111,807, BlackRock’s IBIT exchange-traded fund made it to the top of the ETF list.
The fund raked in $877 million.
That’s more than any other ETF in the market, said Bloomberg ETF expert, Eric Balchunas. It’s also the first time BlackRock’s Bitcoin fund has taken the number one spot for flows in a single day.
Trading volume on Thursday toppled $5.2 billion, the second most in its history.
“Classic feeding frenzy,” Balchunas said on X on Wednesday. “IBIT’s Pac-Man spree is now up to about $8 billion in five weeks,” while over its lifetime the fund has hoovered up $45 billion.
On Friday, Bitcoin slumped to $109,300 amid a new tariff threat from US President Donald Trump, this time against the European Union.
Despite the drop, Bitcoin’s new record is a magnet for investors.
The frenzy comes off the back of a fundamental shift in how Bitcoin is being perceived by institutions. The top crypto is now being embraced as both a high-growth bet and a safe-haven hedge, a dual narrative that has helped it “decouple” from tech stocks.