BlackRock’s recently launched spot Bitcoin exchange-traded fund (ETF) has rapidly amassed over $10 billion in assets under management (AUM), a significant milestone in the cryptocurrency investment landscape.
Eric Balchunas, a senior ETF analyst at Bloomberg Intelligence, confirms this achievement, highlighting the iShares Bitcoin Trust (IBIT) as one of the select few ETFs out of thousands to surpass the $10 billion mark.
BlackRock’s Bitcoin ETF hits $10 billion milestone
Crossing the $10 billion threshold is a testament to the widespread interest and confidence in BlackRock’s Bitcoin ETF.
Balchunas explains that while attaining the initial $10 billion in AUM is challenging for ETFs, subsequent growth becomes more feasible as market appreciation plays a significant role.
The swift accumulation of assets underscores the strong demand for Bitcoin exposure within traditional investment portfolios.
Positive flows and market dynamics
Notable activity within the Bitcoin ETF market, with $92 million of positive flows recorded across the newly approved spot Bitcoin ETFs, according to data from BitMEX Research.
Notably, IBIT alone attracted nearly $604 million in positive flows. However, these gains were offset to some extent by Grayscale’s GBTC, which experienced approximately $599 million in negative flows.
Market competition and product evolution
Among the ten recently approved Bitcoin ETFs, Grayscale’s offering stands out as a unique case. Unlike the other newly introduced ETFs, Grayscale Bitcoin Trust (GBTC) was not created as a new product but rather transformed into an exchange-traded fund. This move followed
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