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BlackRock’s Bitcoin ETF hits $10b amidst crypto rally

blackrocks-bitcoin-etf-hits-10b-amidst-crypto-rally
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BlackRock’s Bitcoin ETF hits $10b amidst crypto rally

BlackRock, the world’s largest asset manager, saw its Bitcoin ETF (exchange-traded fund) reach $10 billion in assets under management (AUM) quicker than any other ETF in U.S. history.

This milestone has been driven by an ongoing rally in the price of Bitcoin (BTC), the world’s flagship cryptocurrency.

BlackRock’s BTC ETF hits new milestone 

This milestone, driven by a surge in Bitcoin prices, highlights the increasing interest and adoption of digital assets within traditional investment circles.

Launched in January, IBIT has swiftly gained traction among investors seeking exposure to Bitcoin.  IBIT’s launch coincided with a bullish phase for Bitcoin, as the cryptocurrency reached new highs, attracting significant attention from both institutional and retail investors.

The U.S. Securities and Exchange Commission’s (SEC) approval of spot Bitcoin ETFs earlier this year marked a pivotal moment for the cryptocurrency market. This regulatory approval paved the way for a surge in assets under management for various Bitcoin ETFs, with BlackRock’s IBIT leading the way.

The fund’s success can be attributed to favorable market conditions, investor confidence, and the increasing mainstream acceptance of cryptocurrencies as legitimate investment opportunities.

According to data from CoinGecko, Bitcoin (BTC) has seen a remarkable 11% surge in the last seven days and an impressive 47% increase over the past month. On March 1, the price of Bitcoin (BTC) surpassed $60,000, marking its first ascent to this level since November 2021.

BlackRock's Bitcoin ETF hits $10b amidst crypto rally - 1

BlackRock’s achievement with IBIT is not an isolated incident but rather part of a broader trend in the market. Other funds, such as Fidelity’s Wise Origin Bitcoin Fund, have also seen significant growth in assets under management, reflecting the broader shift towards digital assets within the investment landscape.

The influx of funds into these ETFs highlights the growing appeal of cryptocurrencies as an alternative asset class and underscores the role of ETFs in providing investors with easier access to this emerging market. At the time of writing, Bitcoin (BTC) is exchanging hands for $69,223.

Bitcoin ETFs attract massive capital 

Bitcoin exchange-traded funds (ETFs) have emerged as significant investment options, with iShares, Fidelity, and Ark Investment Management leading in attracting new capital since their launch. 

On March 5, BlackRock’s iShares Bitcoin ETF (IBIT) experienced an influx of $788 million in net inflows, setting a new daily record for the investment vehicle. 

According to SoSoValue, the IBIT ETF has attracted over $9 billion in cumulative inflows and currently manages nearly $12 billion in assets. The foundation of this asset pool is over 183,000 Bitcoin (BTC) acquired by the asset manager since January 11th, the official launch date of trading.

BlackRock’s largest daily inflow also marked its most significant acquisition of BTC, obtaining nearly 12,600 Bitcoin in a single day. This surpasses its previous highest purchase on Feb. 28th, when the Bitcoin ETF issuer procured over 10,140 BTC for its IBIT fund.

As reported by crypto.news, BlackRock intends to expand its investments in BTC ETFs through its Strategic Income Opportunities Fund. The Wall Street giant revealed its plans in a filing with the U.S. SEC on March 4th, shortly after announcing its Bitcoin ETF intentions in Brazil.

Furthermore, Fidelity’s Wise Origin Bitcoin Fund has also seen significant net inflows since its inception, indicating a growing appetite for spot Bitcoin ETFs. Cathie Wood’s Ark 21Shares Bitcoin ETF also gained momentum, amassing over $600 million in assets by the end of January.

These success stories highlight the increasing demand for cryptocurrency investments and the positive market reception toward these innovative ETF products.

In contrast to the success stories, Wisdom Tree, Valkyrie, and Franklin Templeton have struggled to match the level of inflows seen by their counterparts due to various factors such as market positioning, investor perception, or competitive dynamics within the cryptocurrency investment landscape.

The differing fortunes of these Bitcoin ETFs underscore the competitive nature of the cryptocurrency investment space and the importance of factors like brand reputation, fund structure, and market timing in attracting investor interest.