Advertisement
BlackRock’s IBIT Breaks Records, Accumulates Unprecedented 700k Bitcoin
- Bitcoin has reached a new all-time high of US$116,739 while Ethereum approaches the US$3,000 mark.
- At the same time, BlackRock’s IBIT has accumulated over 700,000 Bitcoin worth more than US$76 billion in assets under management within just 18 months of trading.
- US spot Bitcoin ETFs experienced their second-best trading day with US$1.2 billion in net inflows, demonstrating significant institutional buying pressure.
- All Bitcoin ETFs globally now hold 6.8% of total Bitcoin supply, exceeding the combined holdings of all countries and public companies.
While Bitcoin (BTC) has just hit a new all-time high (ATH), other records have fallen too. Bitcoin has set a new record at US$116,739 (AU$177,739) at the time of writing, while Ethereum (ETH) is eyeing the US$3k (AU$4.55k) mark.
US spot Bitcoin exchange-traded funds (ETFs) are also smashing some lofty targets. BlackRock’s iShares Bitcoin Trust (IBIT), for example, now holds over 700,000 Bitcoin – that’s more than US$76 billion (AU$115.5 billion) in assets under management, accumulated in just 18 months of trading.
For comparison, IBIT has surpassed other leading BlackRock funds, such as the iShares Core S&P 500 ETF (IVV) – the flagship US equity benchmark – and the iShares Russell 2000 ETF (IWM), which tracks small-cap US stocks.
That rapid accumulation underlines how quickly institutional investors have embraced exposure to Bitcoin, positioning IBIT alongside (and even ahead of) stalwart equity benchmarks in terms of asset gathering.
Related: RBA Kicks Off Phase Two of Project Acacia with Wholesale CBDC and Tokenisation Trial
Institutional FOMO
Meanwhile, it’s not only IBIT that’s doing well. In fact, all the US spot Bitcoin ETFs are heavily accumulating. According to ETF guru Nate Geraci, the funds have just seen their second-best trading day with a total of US$1.2 billion (AU$1.8 billion) in net inflows – institutions are basically buying at the top.
According to data from Farside Investors, IBIT took in US$448.5 million (AU$681.7 million) on Thursday, while Fidelity’s FBTC took in US$324.3 million (AU$492.9 million).
Ark’s ARKB ETF was the third-largest gainer with US$268.7 million (AU$408.4 million) in net inflows, while Bitwise’s BITB had US$77.2 million (AU$117.3 million) in net inflows. VanEck’s HODL saw US$15.2 million (AU$23.1 million) in net inflows, while Invesco Galaxy, Franklin Templeton, Valkyrie and Wisdom Tree all had zero net inflows on Thursday.
Grayscale’s GBTC saw US$40.2 million (AU$61.1 million) in net outflows, while its lower-fee BTC fund drew US$81.9 million (AU$124.5 million) in net inflows.
The US funds are now nearing 6% of the total Bitcoin stash, currently holding 5.99% or 1,258,143 BTC. That’s a total of US$146.6 billion or AU$222.98 billion.
Advertisement
All Bitcoin ETFs (including some European-based, Canadian, Brazilian, Australian and Hong Kong-based funds) now hold 6.8% of all BTC – more than all countries and public companies combined.
Related: Matt Hougan: Tokenisation – Wall Street’s Next Trillion-Dollar Revolution
Author
Aaron Feuerstein
Aaron Feuerstein is a freelance writer based in Melbourne. His focus is on decentralised finance and the regulatory space surrounding blockchain. He holds a Master's in Accounting. When he is not studying the latest legal case, he enjoys his time as a modest but eager hobby cook.
