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BlackRock Bitcoin ETF hits $42 billion milestone

BlackRock Bitcoin ETF hits $42 billion milestone

GrafaGrafa2024/11/14 12:00
By:Mahathir Bayena

BlackRock’s Bitcoin (CRYPTO:BTC) ETF, IBIT, has reached a significant milestone, surpassing $42.56 billion in assets under management (AUM).

According to Bloomberg analyst Eric Balchunas, this achievement was reached in just 211 days, breaking the record for the fastest ETF to reach $40 billion.

This rapid growth places IBIT in the top 1% of ETFs by AUM and highlights the ETF’s dominant position in the current market.

“US Spot Bitcoin ETFs purchased another 9,300 coins yesterday. That’s over 22,000 in 2 days. Time is running out to grab your Satoshis. ‘Get some / get yours’ while stocks last,” said ETF analyst Shaun Edmondson, emphasizing the surge in Bitcoin acquisitions.

Of the 9,300 BTC purchased, 8,985 were attributed to BlackRock, showcasing its aggressive approach to securing Bitcoin assets.

In contrast, Grayscale, another significant holder, reduced its holdings during the same period.

BlackRock’s ETF growth aligns with Bitcoin’s current bull market, which has seen the cryptocurrency surpass $90,000, with a price over $93,000 at the time of writing.

The ETF’s rapid inflows are a reflection of the increased investor demand and market activity.

On Wednesday alone, IBIT reported $230.8 million in inflows, contributing to over $1.7 billion in total inflows for the week.

The second-fastest ETF to reach $40 billion took 1,253 days, highlighting the scale of BlackRock’s rapid success, achieved in one-sixth of that time.

The demand for Bitcoin ETFs has driven issuers to actively secure underlying assets, bolstering their positions as market leaders.

There are no current signs that IBIT’s growth will slow down as Bitcoin’s price and interest in ETFs continue to rise, solidifying BlackRock’s standing in the cryptocurrency investment landscape.

At the time of reporting, the Bitcoin price was $90,288.83.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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