BlackRock Bitcoin ETF Approaches $50 Billion Milestone, $100K BTC Ahead?
Highlights
- BlackRock Bitcoin ETF IBIT holds 2.38% of total BTC supply after recent milestone.
- IBIT has emerged as one of 2024's top three ETF launches, surpassing the iShares Gold ETF (IAU).
- IBIT continuous inflows can fuel BTC price rally to $100K as selling from long-term holders subside.
The BlackRock Bitcoin ETF (IBIT) continues to hit new milestones and is approaching $50 billion in assets under management, in less than a year of launch. This makes IBIT one of the top three ETF launches for the year 2024. As inflows into IBIT continue almost daily, market analysts are keenly awaiting the BTC price to cross the $100K milestone.
BlackRock Bitcoin ETF Holds Over 500,000 Bitcoins
Last week, the BlackRock Bitcoin ETF (IBIT) hit a major milestone surpassing more than 500,000 BTC as part of its holdings. That asset manager achieved this milestone in less than a year since the IBIT launch in January 2024, with $48 billion in assets under management as of the current Bitcoin price of $96,000.
This makes IBIT a dominant player in the crypto market, holding 2.38% of Bitcoin’s total supply. Considering the current pace of adoption, market analysts believe that IBIT could accumulate nearly 1 million BTC in the coming years. Additionally, the traditional BlackRock funds have also increased exposure to IBIT recently.
Nate Geraci, President of the ETF Store, highlighted the remarkable milestone in a recent statement, noting that IBIT has already outpaced the iShares Gold ETF (IAU), which debuted in 2005. “If IBIT were BlackRock’s only ETF, it would rank among the top 15 issuers globally,” Geraci noted. He also added that although critics have downplayed demand for a Bitcoin ETF, the explosive growth of IBIT has defied expectations.
iShares Bitcoin ETF (IBIT) now approaching $50bil in assets…
*$50bil* in less than a yr.
If IBIT were BlackRock’s only ETF, they would be a top 15 issuer.
IBIT has blown by iShares Gold ETF (IAU) which launched in *2005*.
IBIT holds > 500,000 btc.
“No demand” they told me.
— Nate Geraci (@NateGeraci) December 4, 2024
Moreover, with its massive Bitcoin holdings of more than half a million, IBIT has even surpassed MicroStrategy, which now holds 402,100 Bitcoins as part of its treasury.
BTC to $100K Soon?
The Bitcoin price is currently trading at 96,444 with a market cap of $1.91 trillion. Also, the daily trading volumes have shown subdued trading activity in recent weeks as Bitcoin faces a major sell-wall at $100K levels. This was mainly due to the profit-booking from long-term holders, which brought the selling pressure.
However, Glassnode data shows that the daily BTC selling pressure has recently reduced to a great extent. In its latest report, Glassnode noted that daily realized profits for Bitcoin sent to exchanges have dropped sharply to $277 million, marking a 42% decline from the $481 million peak recorded on November 16. It calls this decline a signal of reduced profit-taking activity, suggesting traders are holding their positions in anticipation of the next market move.
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