As a seasoned crypto investor with a knack for spotting trends and a portfolio that mirrors the crypto market itself – volatile yet promising – I can’t help but feel a sense of exhilaration upon hearing about BlackRock’s Bitcoin ETF achievement. Having witnessed the rise and fall of numerous cryptocurrencies, I have come to appreciate the significance of milestones like these.
BlackRock’s Bitcoin ETF product, the iShares Bitcoin Trust (IBIT), has reached a remarkable landmark. According to Eric Balchunas, a senior ETF analyst at Bloomberg, the value of assets managed by this Bitcoin ETF has exceeded $50 billion.
BlackRock’s Bitcoin ETF journey
Following the U.S. SEC’s approval of 11 spot Bitcoin ETF products in January, I have observed that IBIT has consistently outperformed its contemporaries. More specifically, IBIT has demonstrated impressive inflows and sustained strong performance.
The investment vehicle IBIT has surpassed the $50 billion mark. Remarkably, it took just 228 days to achieve this milestone, making it more than five times faster than any other ETF ever launched. Incredible! Thanks to @JackiWang17 for providing the data.
— Eric Balchunas (@EricBalchunas) December 5, 2024
According to Balchunas, it took the product 228 days to surpass $50 billion, making BlackRock’s success even more significant. In comparison, the next fastest ETF, iShares Core MSCI EAFE ETF IEFA, needed a record-breaking 1,329 days to reach a similar milestone.
The BlackRock Bitcoin ETF has a history of setting significant benchmarks. It surpassed Grayscale Bitcoin Trust in August to become the ETF with the most substantial Bitcoin holdings, a title previously held by Grayscale. Prior to this change, Grayscale was recognized as the world’s leading manager of crypto exchange-traded products.
The BlackRock Bitcoin ETF product officially crossed 500,000 BTC AUM this month, setting the pace for even more impressive milestones.
Bitcoin $100,000 effect
It is worth noting that the BlackRock Bitcoin ETF achievement comes on the heels of a surge in the price of BTC above $100,000.
As a researcher studying the cryptocurrency market, I’ve observed that the top coin has been holding steady at its current price level for quite some time now, given it has consistently set new all-time highs (ATHs) over the past few weeks. Being deeply invested in Bitcoin-based products, I can’t help but notice how the fluctuations in the digital currency directly influence the influx of capital into my area of interest, IBIT.
According to information from Farside Investors, the BlackRock product saw an influx of $571.7 million by December 4th. Remarkably, this is the fourth straight day that the product has experienced such an inflow, as it continues to capitalize on the excitement surrounding Bitcoin’s ecosystem.
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2024-12-05 14:09