March 27, 2024
BlackRock Bitcoin ETF Surpasses 100K BTC
Latest Cryptocurrency News

BlackRock Bitcoin ETF Surpasses 100K BTC

BlackRock’s iShares Bitcoin Trust (IBIT) exchange-traded fund (ETF) has achieved a significant milestone by surpassing 100,000 BTC under management, marking a noteworthy development in the realm of Bitcoin investments. The official data from BlackRock reveals that IBIT accumulated 105,280 BTC in holdings on February 13, making it the first spot Bitcoin ETF in the United States to reach this substantial level of managed assets within the 22nd day of trading.

This accomplishment highlights BlackRock’s assertive approach to Bitcoin acquisitions since the launch of its spot Bitcoin ETF on January 11, 2024. The iShares Bitcoin Trust’s holdings have surged by over 3,700%, skyrocketing from 2,621 BTC on its debut to an impressive 100,000 BTC on February 13.

Among the actively growing spot Bitcoin ETFs, the Fidelity Wise Origin Bitcoin Fund (FBTC) has also made strides, amassing 83,925 BTC as of February 13. However, the Grayscale Bitcoin Trust ETF (GBTC) stands out as the sole spot Bitcoin ETF witnessing a reduction in BTC holdings. After starting with 619,220 BTC in managed assets, GBTC decreased its holdings by 25% to 463,475 BTC by February 13.

Despite approaching BlackRock for comments on IBIT’s achievement, there was no response at the time of publication. This substantial growth in IBIT’s BTC holdings coincided with spot Bitcoin ETFs setting another record in daily net inflows since their launch. Combined daily inflows from the 10 spot Bitcoin ETFs reached $631.3 million, with the iShares Bitcoin ETF alone witnessing $493 million in inflows.

Some crypto observers online speculated that BlackRock may have encountered challenges in keeping up with the surging demand for the iShares Bitcoin ETF. There were indications that over-the-counter (OTC) sellers to BlackRock were running out of coins, leading the asset management giant to purchase BTC from Coinbase to meet demand.

The news unfolded against the backdrop of Bitcoin experiencing substantial growth, surpassing $51,000 for the first time since November 2021. Bitcoin’s resurgence began on February 12 when it touched the $50,000 price mark. On February 14, Bitcoin reclaimed its $1 trillion asset status, achieving such market capitalization for the second time in history.

As of the time of writing, Bitcoin is trading at $51,383, reflecting a more than 20% increase over the past 30 days. The ongoing rally in Bitcoin’s value has coincided with the Crypto Fear and Greed Index reaching levels not seen since the cryptocurrency hit its all-time high at $69,000 in mid-November 2021. The combination of these factors underscores the dynamic nature of the cryptocurrency market and the continued interest and investment in Bitcoin.

Image by Markus Winkler from Pixabay

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