BlackRock’s spot Bitcoin exchange-traded fund (ETF) has surpassed $30 billion in holdings, reflecting increasing demand for the world’s leading cryptocurrency.
The world’s largest asset manager reached the $30 billion mark less than 10 months after launching its Bitcoin ETF, which began trading on Jan. 10.
BlackRock currently holds more than 417,000 Bitcoin (BTC) worth over $30.4 billion at today’s valuation, data shows.
BlackRock IBIT ETF holdings. Source: ishares.com
Bitcoin ETF inflows have been increasing ahead of the United States presidential election on Nov. 5.
On Oct. 29, the Bitcoin ETFs generated $870 million worth of cumulative net inflows, marking the second-highest day of inflows since March 12, when the ETFs accumulated more than $1 billion worth of BTC, Farside Investors data shows.
Bitcoin ETF Flow (USD, million). Source: Farside Investors
The $30 billion milestone marks an “all-time record” for ETFs, according to Eric Balchunas, a senior ETF analyst at Bloomberg.
Balchunas wrote in an Oct. 30 X post:
“It hit this milestone in just 293 days, an all-time record. The old record was $JEPI which did it in 1,272 days. $GLD took 1,790 days. Unreal.”
IBIT US equity. Source: Eric Balchunas
Growing ETF inflows may help the Bitcoin price reach an all-time high. By Feb. 15, just one month after they launched, US-based spot Bitcoin ETFs accounted for about 75% of new investment in Bitcoin, pushing its price past the $50,000 mark.
Related: Bitcoin ‘Trump hedge’ rally lacks macro conditions for all-time high
Bitcoin ETFs set to cross 1 million in BTC holdings — ETF analyst
Bitcoin ETFs are on track to reach a significant milestone within the next 24 hours, potentially surpassing a cumulative 1 million BTC — valued at over $71.7 billion. Balchunas noted that the ETFs currently hold about 996,000 BTC, saying there’s “a good chance to pass 1 million today.”
Top Bitcoin Holders in the world. Source: Eric Balchunas
This could make the Bitcoin ETFs the world’s largest Bitcoin holders as soon as this November, surpassing Satoshi Nakamoto’s wallet, which holds over 1.1 million BTC, Balchunas noted.
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Increasingly more analysts are predicting a new record high for the world’s first cryptocurrency. Bitfinex analysts foresee a Bitcoin rally to $80,000 before the end of 2024, driven by the options market structure and the prospect of a Republican presidential victory.
Despite the optimistic inflows, some analysts say the current Bitcoin rally is a “Trump hedge,” lacking the fundamental macroeconomic conditions to push BTC to an all-time high.
Harris vs. Trump 2024: What’s at Stake for the Crypto Market? Source: YouTube
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