As a seasoned researcher with over two decades of experience in the financial industry, I must admit, this is an exhilarating time to be in the crypto space. The rapid growth of BlackRock’s IBIT spot Bitcoin ETF, surpassing 500,000 BTC (worth a staggering $48 billion) in less than a year, is nothing short of groundbreaking.
BlackRock’s IBIT Bitcoin ETF set a remarkable record by managing over $48 billion worth of Bitcoin (equivalent to 500,000 BTC) within just ten months of its launch on January 11, 2024.
On November 29th, it was revealed through fund disclosures that approximately 496,854 Bitcoins were being held, and on December 2nd, a significant inflow of 3,526 BTC worth $338.3 million poured in, bringing the total to 500,380 Bitcoins. This amount equates to around 2.38% of Bitcoin’s overall maximum supply of 21 million coins, according to K33 data.
Vetle Lunde, the Head of Research at K33, praised BlackRock for reaching a significant milestone of owning 500,000 Bitcoins, saying it was an impressive start to the year. He noted that this made BlackRock’s ETF the third strongest in the U.S., even outperforming Invesco’s QQQ in terms of inflows so far this year. With institutional ownership at 24% as of Q3 2024, IBIT is poised for continued expansion.
In the past month, Bitcoin’s dramatic rise to $95,321 – a jump of 38% since March – has led to substantial increases in ETF investments. Specifically, U.S.-based Bitcoin ETFs attracted a whopping $6.6 billion in November, with overall net inflows totaling an impressive $31.2 billion since their inception.
These ETFs are getting very close to matching the approximate amount of 1.1 million Bitcoins that Satoshi Nakamoto is believed to own, which represents a significant and symbolic achievement.
It’s expected that specialized Bitcoin ETFs will become more popular among institutional investors as tools for portfolio diversification. These ETFs could manage over a million Bitcoins worth of assets.
As a researcher, I’m observing an increasing interest in Ethereum Exchange-Traded Funds (ETFs). On December 2 alone, these funds saw a significant surge with $24.2 million in net inflows. Notably, BlackRock’s ETHA is leading this trend.
The rapid expansion of these Exchange-Traded Funds underscores their significance in attracting institutional investment towards cryptocurrencies, thereby altering the overall market structure.
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2024-12-03 16:38