Advertisement
Spot Bitcoin Funds Surpass 1 Million BTC, as BlackRock’s Bitcoin ETF Sets New Records, Outpacing Traditional Funds
- BlackRock’s IBIT ETF has now exceeded US$30 billion in value, making up 42% of all BTC held by US Bitcoin ETFs.
- Recent data shows massive inflows, with IBIT leading global ETF cash receipts last week.
- Bloomberg’s Eric Balchunas notes IBIT’s significant inflows amidst US ETFs nearing a yearly flow record.
- Despite ETF success, Bitcoin’s price remains stagnant, even dropping below US$70k, dampening hopes for a new high soon.
It’s becoming a bit of a routine thing, record-shattering news about Spot Bitcoin ETFs and it often involves IBIT, BlackRock’s Spot Bitcoin exchange-traded fund (ETF). The behemoth of an ETF has now surpassed US$30 billion (AU$45.6 billion) in value, or 2.044% of the total Bitcoin stash.
iShares IBIT holdings, source: BlackRock
IBIT accounts for approximately 42% of all BTC held in the US Bitcoin ETFs, which has shattered another milestone:
1 Million BTC combined in all US Spot Bitcoin ETFs.
The data which is available for the most recent trading day, 30 October, shows a massive US$893.3 million (AU$1.3 billion) in inflows.
Related: Ethereum Sci-Fi Game Serves as Blueprint for Roland Emmerich’s ‘Space Nation’ TV Show
Bloomberg Analyst: IBIT Takes in More Cash Than Any Other ETF on Planet
And the appetite for these funds doesn’t seem to stop, as James Seyffart, Bloomberg ETF analyst highlights:
There’s a lot of demand coming into these ETFs, for sure.
James Seyffart, Bloomberg Meanwhile, last week, IBIT took in more cash than any other ETF in the world, according to fellow ETF analyst Eric Balchunas. The Bloomberg Senior ETF Analyst wrote on Crypto Twitter that this is “out of 13,227 ETFs”, including Vanguard’s S&P 500 ETF, iShares Core S&P 500 ETF and iShares Core US Aggregate Bond ETF.
Related: Fortune Report Alleges Widespread Wash Trading on Polymarket
This comes as US ETFs are on the brink of breaking the annual flow record. Balchunas highlighted the current pace and potential challenges, stating:
US ETFs are now within $100b of all-time annual flow record. If they can continue their $4b/day pace they’ll end up at $970b (w legit shot at $1T), easily beating old record of $910b. That said, markets have been Utopian this year, a nasty selloff could def slow the train down..
Eric Balchunas, Bloomberg The US Spot Bitcoin ETFs are now on breakneck speed to surpass Satoshi’s Bitcoin stash – if they can keep up the pace.
With all this record breaking, some in the community are starting to wonder why the price of Bitcoin is not moving.
In fact, at the time of writing, BTC has dipped below the US$70k (AU$106.4k) level, dashing hopes of a new all-time high anytime soon.
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.
