As a seasoned crypto investor with over two decades of experience under my belt, I must admit that the rapid growth and success of BlackRock’s Bitcoin ETF (IBIT) has left me genuinely impressed. Having witnessed the slow and steady rise of the gold fund (IAU) for nearly two decades, it’s truly remarkable to see a relatively new player like IBIT surpass it in such a short timeframe.
2024 saw the debut of Bitcoin ETFs (exchange-traded funds) in January, setting the stage for an auspicious year within the cryptocurrency sector. These ETFs were anticipated to significantly boost investment in Bitcoin by attracting a greater number of investors towards digital assets.
It’s no surprise that BlackRock’s exchange-traded fund IBIT has been dominating its peers – it’s been setting new records and gathering substantial new investments every week. Recently, an impressive achievement was reached as the Bitcoin ETF surpassed BlackRock’s gold fund in terms of total net assets.
BlackRock’s Bitcoin ETF Exceeds $33 Billion In Net Assets
By Thursday, November 7th, I’ve noticed that the net assets of BlackRock’s Bitcoin exchange-traded fund (ETF), symbolized as IBIT, have reached a staggering $33.2 billion. Remarkably, this value surpasses only slightly the net assets of its gold ETF counterpart, denoted by IAU, which currently stands at approximately $32.9 billion.
The remarkable aspect of this accomplishment lies in the fact that BlackRock’s IBIT started trading only in January 2024, coinciding with 10 other Bitcoin ETFs. In contrast, its gold fund had a two-decade advantage, having begun trading back in January 2005.
On Thursday, President of ETF Store Nate Geraci disclosed on the X platform that IBIT resumed positive investments, marking its largest capital influx to date, concurrently with a significant milestone. As reported by SoSoValue, BlackRock’s Bitcoin-based ETF accumulated a substantial $1.12 billion in net inflows according to their data.
This impressive single-day performance represents a significant turnaround from a series of negative outflows for the crypto fund. IBIT registered a cumulative outflow of $113 million on Tuesday, November 5, and Wednesday, November 6.
In terms of market share for U.S Bitcoin ETFs, BlackRock’s IBIT takes the lead with the highest net assets. Following closely are Grayscale’s GBTC and Fidelity, holding $16.8 billion and $14.58 billion respectively. Rounding out the top five are the Ark & 21Shares’ ETF (ARKB) and Bitwise’s fund (BITB).
Bitcoin Price Overview
Cryptocurrency fans are eagerly anticipating a larger investment into BlackRock’s Bitcoin ETF, as past trends indicate that Bitcoin’s price tends to rise along with inflows into these types of funds. This was evident in Thursday’s market activity where Bitcoin surpassed the 76,000 level for the first time.
Currently, the value of Bitcoin exceeds $76,500 following a brief surge over $77,000 last Friday. Data from CoinGecko shows that it has climbed over 10% in the last seven days, making it the market’s top performer.
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2024-11-10 00:41