BlackRock’s spot Bitcoin exchange-traded fund (ETF) has surpassed $30 billion in holdings, reflecting rising demand for the world’s leading cryptocurrency.
The world’s largest asset manager reached the $30 billion mark less than 10 months after launching its Bitcoin ETF, which began trading on Jan. 10.
BlackRock currently holds over 417,000 Bitcoin (BTC) worth over $30.4 billion at today’s valuation, data shows.
BlackRock IBIT ETF holdings. Source: ishares.com
Bitcoin ETF inflows have been increasing ahead of the United States presidential election on Nov. 5.
On Oct. 29, the Bitcoin ETFs generated $870 million worth of cumulative net inflows, which marks the second-highest day of inflows since March 12 when the ETFs accumulated over $1 billion with of BTC, Farside Investors data shows.
Bitcoin ETF Flow (USD, million). Source: Farside Investors
The $30 billion milestone marks an “all-time record” for ETFs, according to Eric Balchunas, a senior ETF analyst at Bloomberg.
Balchunas wrote in an Oct. 30 X post:
“It hit this milestone in just 293 days, an all-time record. The old record was $JEPI which did it in 1,272 days. $GLD took 1,790 days. Unreal.”
IBIT US equity. Source: Eric Balchunas
Growing ETF inflows could help the Bitcoin price reach an all-time high. By Feb. 15, just one month after they launched, US-based spot Bitcoin ETFs accounted for about 75% of new investment in Bitcoin, pushing it past the $50,000 mark.
Bitcoin ETFs set to cross 1 million in BTC holdings — ETF analyst
Bitcoin ETFs are on track to reach a significant milestone within the next 24 hours, potentially surpassing a cumulative 1 million BTC — valued at over $71.7 billion. Balchunas noted that the ETFs currently hold around 996,000 BTC, saying there’s “a good chance to pass 1 million today.”
Top Bitcoin Holders in the world. Source: Eric Balchunas
This could make the Bitcoin ETFs the world’s largest Bitcoin holders as soon as this November, surpassing Satoshi Nakamoto’s wallet, which holds over 1.1 million BTC, Balchunas noted.
Increasingly more analysts are predicting a new record high for the world’s first cryptocurrency. Bitfinex analysts predict a Bitcoin rally to $80,000 before the end of 2024, driven by the options market structure and the prospect of a Republican presidential victory.
Despite the optimistic inflows, some analysts believe the current Bitcoin rally is a “Trump hedge” lacking the fundamental macroeconomic conditions to push BTC above a new all-time high.
Harris vs. Trump 2024: What’s at Stake for the Crypto Market? Source: YouTube
Magazine: Microsoft set to vote on Bitcoin, Peter Todd hiding, and more: Hodler’s Digest, Oct. 20–26
