As a researcher with a background in financial markets and digital currencies, I find BlackRock’s achievement with its iShares Bitcoin Trust (IBIT) truly remarkable. The speed at which it has amassed over $20 billion in assets is unprecedented in the US ETF market, and it underscores the growing acceptance and demand for Bitcoin as an asset class.
An American multinationals investment firm, BlackRock Inc, has shattered a significant record for any Exchange Traded Fund (ETF) in the US market through its Bitcoin spot product. As per records from The ETF Store President Nate Geraci, the iShares Bitcoin Trust (IBIT) now boasts over $20 billion in managed assets.
BlackRock Leading Spot Bitcoin ETF Market
Since its introduction, BlackRock has been the most sought-after company for issuing a Bitcoin ETF, reaching various significant milestones. It was the first to surpass $1 billion in trading volume following its launch. Then, it broke through the $5 billion and $10 billion thresholds. Most recently, BlackRock achieved another milestone by exceeding $20 billion in trading volume for its Bitcoin ETF.
Geraci’s investment product, which is traded on Nasdaq, reached the $20 billion mark faster than any other similar product known to date. This significant milestone was attained within 144 days, as mentioned by Senior Bloomberg Analyst Eric Balchunas. For comparison, it took the JPMorgan Equity Premium Income ETF (JEPI) 985 days to reach the same milestone.
144 Days officially. Next fastest is $JEPI at 985 Days. Lol
— Eric Balchunas (@EricBalchunas) June 4, 2024
The significant surge in popularity highlights Bitcoin’s crucial function and the intense excitement surrounding this groundbreaking digital currency. Before its introduction, Bitcoin was perceived as a multifaceted asset with various applications. Alongside acting as a novel means for transferring value, Bitcoin is also viewed as a shield against inflation.
Prior to the US Securities and Exchange Commission’s (SEC) giving its blessing, MicroStrategy demonstrated that bitcoin could function as a corporate treasure asset. The business began acquiring bitcoin as early as 2020 and now holds more of it than several issuers of spot Bitcoin Exchange-Traded Funds (ETFs) in their portfolios.
Market Just Getting Started
In the initial five months after the Bitcoin ETF was launched, there is anticipation for significant inflows of additional investment.
In 2004, exchange-traded funds (ETFs) representing gold became popular among investors. Now, with a decade having passed, there’s growing belief that Bitcoin ETFs could surpass their golden counterparts in terms of growth. To put things into perspective, gold is currently the most valuable asset globally with a market cap of $15.789 trillion. In comparison, Bitcoin, worth approximately $1.398 trillion and ranked as the 9th largest asset, has quite a ways to go before catching up to gold’s dominance.
With the spot Bitcoin ETF product, a flipping of Gold is expected in the next decade. At the time of writing, Bitcoin was changing hands for $70,895.23. It is up by 2.18% in 24 hours after crossing the $70,000 resistance level.
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2024-06-04 21:58