🚀 BlackRock IBIT management assets skyrocketed, surpassing the achievements of gold ETFs in twenty years within a year
BlackRock's iShares Bitcoin Trust (IBIT) has reached an astonishing asset management size of $58.57 billion in less than a year, nearly double the $33 billion it took their gold ETF twenty years to achieve!
Since its launch in January this year, BlackRock's spot Bitcoin ETF IBIT has been on a roll. Ki Young Ju, CEO of market analysis platform CryptoQuant, praised IBIT's significant milestone achieved in less than a year on X.
Moreover, IBIT has set a super record by becoming the fastest ETF to reach $50 billion in assets under management, five times faster than any other fund! The previous record was also held by BlackRock's iShares Core MSCI EAFE ETF (IEFA), which took 1,329 days to reach $50 billion, while IBIT only took 228 days!
The secret weapon behind this? Of course, it's the soaring price of Bitcoin (BTC). On December 5, Bitcoin first broke the $100,000 mark, peaking even at $108,200.
IBIT's achievements don't stop there; it reached $10 billion in assets under management within seven weeks of its launch, becoming a standout among the 3,400 ETFs globally. Additionally, IBIT surpassed Grayscale Bitcoin Trust (GBTC) in AUM within just 96 minutes of trading, becoming the largest spot Bitcoin ETF with 288,671 BTC.
Now, IBIT's holdings have ballooned to 549,920 BTC, solidifying its position as the largest Bitcoin ETF by trading volume, AUM, and market capitalization.
🗣 Conclusion:
In summary, BlackRock's iShares Bitcoin Trust (IBIT) has seen tremendous success in the short term, opening a new chapter of competition between the cryptocurrency market and traditional financial products.
Its rapid growth not only highlights the market's increasing interest and trust in digital assets but also underscores Bitcoin's potential as a store of value and investment tool.
This could prompt more traditional financial institutions to venture into the cryptocurrency space, signaling the arrival of a more diverse and interconnected global financial market.
💬 Do you think IBIT's success will serve as a catalyst for other financial institutions to enter the cryptocurrency market? Or do you believe this growth trend of Bitcoin is sustainable?
