BlackRock’s Bitcoin ETF becomes fastest-growing in history with $30B milestone
The post BlackRock’s Bitcoin ETF becomes fastest-growing in history with $30B milestone appeared on BitcoinEthereumNews.com.
BlackRock’s iShares Bitcoin Trust ETF (IBIT) has become the fastest-growing ETF in history, exceeding $30 billion in assets under management. According to Eric Balchunas, senior ETF analyst at Bloomberg Intelligence, IBIT reached this milestone in just 293 days, setting a new record. This pace surpasses the JPMorgan Equity Premium Income ETF (JEPI) and major Gold ETFs’ growth rates, reaching the $30 billion threshold in 1,272 days and 1,790 days, respectively. CryptoSlate predicted the ETF’s performance would outpace Gold ETFs in January. Bloomberg data reveals that IBIT’s market valuation crossed $30 billion following substantial inflows and Bitcoin’s price appreciation on Oct. 29. The fund currently holds more than 417,000 Bitcoin, representing about 2% of the total Bitcoin supply. Bitcoin community member Sani observed that BlackRock’s IBIT could accumulate up to 500,000 Bitcoin by the end of 2024 if its current growth continues. If achieved, this would make IBIT the third-largest Bitcoin holder worldwide, following only Coinbase and Binance. Growing institutional demand The success of BlackRock’s ETF aligns with a surge in institutional demand for Bitcoin. As of Oct. 29, the ETFs cumulatively reported a daily net inflow of $870 million, with BlackRock’s IBIT leading the flow. Other leading funds are also experiencing strong interest, with Fidelity’s FBTC receiving $133.86 million in net inflows, while Bitwise’s BITB attracted $52.49 million. Meanwhile, VanEck’s HODL, Ark, and 21Shares’ ARKB recorded inflows of $16.52 million and $12.39 million, respectively. The remaining spot Bitcoin ETFs saw no inflows on that day. Nate Geraci, president of the ETF Store, highlighted that this level of inflow marks the third-highest daily inflow for spot Bitcoin ETFs since their launch in January. According to research firm CryptoQuant, these impressive numbers reflect a broader trend of institutional interest in Bitcoin. Ki Young Ju, the firm’s founder and CEO, noted that over…
Filed under: News - @ October 30, 2024 4:22 pm