As a seasoned crypto investor with over a decade of experience in this wild and unpredictable market, I can confidently say that the BlackRock Bitcoin ETF (IBIT) is nothing short of a game-changer. With its rapid growth and impressive milestones, it’s hard not to be impressed. I remember when Bitcoin was still a fringe asset, barely scraping $1,000 in market cap. Now here we are, with IBIT holding over 500,000 Bitcoins, worth nearly $50 billion!
The BlackRock Bitcoin ETF (IBIT) continues to hit new milestones and is approaching $50 billion in assets under management, in less than a year of launch. This makes IBIT one of the top three ETF launches for the year 2024. As inflows into IBIT continue almost daily, market analysts are keenly awaiting the BTC price to cross the $100K milestone.
BlackRock Bitcoin ETF Holds Over 500,000 Bitcoins
Just last week, the BlackRock Bitcoin ETF (IBIT) reached an impressive feat, holding over half a million Bitcoins in its portfolio. This significant achievement was made possible in less than a year since its launch in January 2024, managing assets totaling $48 billion, given the current Bitcoin price of $96,000.
IBIT currently controls about 2.38% of all Bitcoins in circulation, and experts predict it may own close to a million Bitcoins in the future due to its rapid growth. Furthermore, prominent financial institution BlackRock has been increasing its ties with IBIT recently.
Nate Geraci, head of the ETF Store, recently pointed out an impressive achievement, stating that the Innovative Bitcoin ETF (IBIT) has surpassed the iShares Gold ETF (IAU), which was launched in 2005. Geraci explained that if IBIT were BlackRock’s only ETF, it would be among the top 15 ETF issuers worldwide. He also emphasized that despite skepticism about a Bitcoin ETF, the rapid expansion of IBIT has exceeded expectations.
iShares Bitcoin ETF (IBIT) now approaching $50bil in assets…
*$50bil* in less than a yr.
If IBIT were BlackRock’s only ETF, they would be a top 15 issuer.
IBIT has blown by iShares Gold ETF (IAU) which launched in *2005*.
IBIT holds > 500,000 btc.
“No demand” they told me.
— Nate Geraci (@NateGeraci) December 4, 2024
Additionally, IBIT boasts Bitcoin reserves exceeding 500,000, making it the company with the largest known Bitcoin holdings, outpacing MicroStrategy’s 402,100 Bitcoins in their treasury.
BTC to $100K Soon?
Right now, Bitcoin’s value is being exchanged at approximately 96,444 dollars, and its total market capitalization stands at a staggering $1.91 trillion. In recent times, the daily trading volumes have indicated reduced activity, as Bitcoin encounters a significant resistance point around the $100,000 mark. This decrease in activity is primarily due to long-term investors cashing out, which has increased selling pressure.
Interestingly, data from Glassnode indicates that the daily selling pressure for Bitcoin has significantly decreased. In their most recent report, Glassnode points out that the amount of Bitcoin being sent to exchanges for realized profits has dropped dramatically to approximately $277 million, which represents a 42% decrease from its peak of $481 million on November 16th. This significant decline is seen as a sign of reduced profit-taking activity, suggesting that traders are holding onto their Bitcoin in hope of the next market shift.
Read More
- EUR ARS PREDICTION
- EUR CAD PREDICTION
- CHR PREDICTION. CHR cryptocurrency
- EUR MYR PREDICTION
- LUNC PREDICTION. LUNC cryptocurrency
- XRP PREDICTION. XRP cryptocurrency
- USD BRL PREDICTION
- POL PREDICTION. POL cryptocurrency
- ULTIMA PREDICTION. ULTIMA cryptocurrency
- SAFE PREDICTION. SAFE cryptocurrency
2024-12-04 09:11