With 2.38% of BTC’s total supply, IBIT becomes a significant participant in the crypto industry.
The asset manager accomplished this milestone in less than a year following the IBIT debut in January.
Despite having only been available for trading for a little over a year, the BlackRock Bitcoin ETF (IBIT) has already amassed assets under management of about $50 billion. That puts IBIT in the conversation for best ETF launch of 2024. With daily inflows into IBIT, market observers are eagerly anticipating the BTC price to surpass $100,000.
Massive Accomplishment in Less Than a Year
A significant milestone was reached last week when the holdings of the BlackRock Bitcoin ETF (IBIT) surpassed more than 500,000 BTC. With $48 billion in assets under management at the current Bitcoin price of $96,000, that asset manager accomplished this milestone in less than a year following the IBIT debut in January 2024.
With 2.38% of Bitcoin’s total supply, IBIT becomes a significant participant in the crypto industry. Market watchers predict that IBIT might amass approximately 1 million BTC in the next few years, given the present rate of adoption. Not only that, but IBIT has lately been more exposed to the regular BlackRock funds as well.
Noting that IBIT has already surpassed the iShares Gold ETF (IAU), which launched in 2005, Nate Geraci, President of the ETF Store, emphasized the incredible achievement in a recent statement. In addition, he said that despite skepticism over the need for a Bitcoin exchange-traded fund (ETF), the meteoric rise of IBIT has surprised everyone.
Even more impressive is the fact that IBIT owns more than 500,000 Bitcoins in its vault, surpassing MicroStrategy’s 402,100 Bitcoins. With a market valuation of $1.91 trillion, the price of Bitcoin is presently trading at 96,262. Also, with Bitcoin hitting a big sell-wall near $100,000 levels, daily trading volumes have been rather low. The selling pressure was mostly caused by long-term holders profit-booking.
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