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
$72,326 worth over $30.4 billion at today’s valuation, data shows.
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.
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.”
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.
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.”
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.
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.
