BlackRock Bitcoin ETF hits 500,000 BTC mark.
BlackRock #Bitcoin #ETF hits 500,000 bitcoin assets.
The rising bitcoin price is fueling inflows into the ETF.
Further inflows into the ETF market could push the bitcoin price towards the $100,000 mark. #BlackRock is the leading issuer of bitcoin-spot ETF assets.
The iShares Bitcoin Trust page states that it currently has 500,000 bitcoins (BTC) under management; as of Nov. 29, BlackRock's AUM was 496,854 #BTC .
However, the stash increased after IBIT received net inflows of $338.3 million (3,526 BTC) on Monday.
Notably, IBIT has already reached this milestone even though it has been trading for less than a year.
BTC price was trading at US$93,940.90 after falling 2.57% in the last 24 hours. At this price level, BlackRock's hidden assets are worth approximately 46.9 billion USD.
If the bitcoin price continues to rise, AUM could soon surpass the 50 billion USD mark.
Furthermore, BlackRock's stake in bitcoin is 2.38% of the 21 million units of the underlying cryptocurrency; IBIT's institutional stake is 24%.
Vetr Lunde, head of research at K33, said, "BlackRock's surpassing the 500,000 BTC mark is another milestone after a fantastic launch year.
Lunde also noted that IBIT is "the third largest ETF product in the U. S. in terms of year-to-date (YTD) flows, ahead of Invesco's $314 billion QQQQQ giant.
In addition, the K33 boss said the ETF product is well positioned to continue its bullish trend.
Since BTC tends to increase risk-adjusted returns, we expect these products to eventually become a standard portfolio diversifier, with large funds allocating 1-3% of their funds to them, the analyst added:
AUM of over 1 million BTC is achievable, but we expect the impact on notional flows into these instruments to subside as BTC rapidly increases in value by 2025.
Overall, the bitcoin-ETF spot niche has improved somewhat in recent weeks.
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