Landon Manning
14 November 2024, 05:33 GMT+0000

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In Brief
BlackRock’s Bitcoin ETF, known as IBIT, has hit a total asset value of $42.56 billion. This is a remarkable achievement, done in just one-sixth the time it took any other ETF to reach similar numbers. That’s some serious growth!

On top of that, BlackRock has been buying Bitcoin at a rapid pace. They grabbed nearly 9,000 BTC in the last 24 hours alone.

BlackRock’s Speed Record
Recent data from Bloomberg analyst Eric Balchunas shows that BlackRock’s Bitcoin ETF has crossed the $40 billion mark in total assets. This places it in the top 1% of all ETFs by assets under management (AUM). But what’s even more impressive? It has outpaced all other ETFs in speed. The second-fastest ETF took 1,253 days to reach $40 billion. IBIT did it in just 211 days. That’s one-sixth the time!

Since Bitcoin started its post-election bull market, IBIT has been leading the pack for Bitcoin ETFs. It even surpassed its all-time high last Friday and continued to climb at the market open on Monday. The strong lead that BlackRock’s ETF had before Donald Trump’s election has turned into complete market dominance.

On Wednesday, IBIT recorded $230.8 million in inflows. So far this week, it has seen over $1.7 billion in inflows. That’s impressive!

One clear sign of BlackRock’s success is its raw Bitcoin acquisition. ETF issuers can only create as many ETFs as the underlying assets they control. This has led to a high demand in the market. As ETF analyst Shaun Edmondson pointed out, BlackRock is clearly in the lead here.

“US Spot Bitcoin ETFs purchased another 9,300 coins yesterday. That’s over 22,000 in just 2 days. Time is running out to grab your Satoshis. ‘Get some / get yours’ while stocks last,” Edmondson said.

Edmondson has been keeping a daily tally of Bitcoin purchases by ETF issuers. They are close to matching Satoshi Nakamoto’s holdings. Out of the 9,300 BTC purchased recently, 8,985 were bought by BlackRock alone. In fact, Grayscale, the second-largest holder, actually reduced its stockpile during the same time.

There’s no sign that these gains will slow down anytime soon. Bitcoin itself has surpassed $90,000 today and is trading above $93,000 as we speak. ETFs like IBIT are closely tied to this incredible rise and are generating a lot of buzz in the market.