| Your Daily Cryptocurrency News Digest |

Bitcoin Updates

BlackRock Spot Bitcoin ETF Hits $20B In AUM, Impact On BTC Price

BlackRock Inc, an American multinational investment company, through its spot Bitcoin ETF product has broken a major record of any Exchange Traded Fund in the US market. According to market records shared by The ETF Store President Nate Geraci, the iShares Bitcoin Trust (IBIT) has now surpassed $20 billion in total assets.

BlackRock Leading Spot Bitcoin ETF Market

From inception to date, BlackRock has maintained the lead as the most patronized spot Bitcoin ETF issuer. From ranking as the first to hit $1 billion in trading volume post-launch, to breaching the $5 billion and $10 billion milestones, BlackRock has now set a new pace with the $20 billion milestone breach.

According to Geraci, the investment giant’s record is the fastest of any known related product to hit the milestone. The asset, trading on the Nasdaq attained this at exactly 144 days as chipped in by Senior Bloomberg Analyst Eric Balchunas. Balchunas provided additional context noting that the next ETF to hit the $20 billion milestone was the JPMorgan Equity Premium Income ETF (JEPI). He noted that JEPI achieved the feat in 985 days.

This impressive trend underscores the role of Bitcoin and the massive hype that surrounds the digital currency. Prior its launch, many considered Bitcoin as an asset with a diversified utility. Besides its role as a new digital asset for value transfer, Bitcoin is also considered an inflationary hedge.

Before the US SEC granted its approval, MicroStrategy has proven that Bitcoin could serve as a treasury asset for corporations. The company started accumulating its BTC since 2020, and it now ranks ahead of many spot Bitcoin ETF issuers in terms of assets in its portfolio.

Market Just Getting Started

While Bitcoin ETF gained intense momentum in its first five months, there are projections that it will embrace more capital.

Rival assets like Gold bagged their ETF back in 2004. As such, market analysts are convinced that after a decade, spot Bitcoin ETFs may outpace rival Gold ETF. For context, Gold is the largest asset in the world with a market capitalization of %15.789 trillion. Bitcoin on the other hand is worth just $1.398 trillion and is ranked as the 9th largest asset globally.

With the spot Bitcoin ETF product, a flipping of Gold is expected in the next decade. At the time of writing, Bitcoin was changing hands for $70,895.23. It is up by 2.18% in 24 hours after crossing the $70,000 resistance level.


Your email address will not be published. Required fields are marked *