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Blackrock’s Bitcoin ETF Nears $10 Billion AUM Sooner Than Expected – Crypto News

Published

1 year ago

February 29, 2024

Dripp

Bitcoin ETFs have seen an upbeat week so far. After breaking multiple records, the net inflows for the newly launched ETFs have crossed an all-time high. Amid the bull run, Blackrock’s Bitcoin ETF (IBIT) has benefitted the most from the robust trading. At present the anticipation of IBIT hitting $10 billion in assets has shifted closer than expected.

Blackrock Bitcoin ETF Comes Close to $10 Billion in Assets

According to Bloomberg analyst Eric Balchunas, Blackrock’s Bitcoin ETF is poised to hit the $10 billion in assets level probably tomorrow. The milestone has come sooner than expected as earlier expectations were set for at least the end of the quarter of the calendar year.

At present, Bitcoin ETFs broke the record for the greatest inflow of $673 million since inception last month. It coincides with a huge BTC price surge towards ATH brought on by a “supply shock”. With $612 million, BlackRock iShares Bitcoin ETF (IBIT) broke its record-breaking highest inflow to date. With $3.2 billion, IBIT also surpassed the daily trade volume of the majority of large-cap US equities, shattering its previous record of $1.3 billion. BlackRock’s net inflow after the most recent influx exceeded $7.15 billion. The company’s asset holdings increased by almost $9 billion.

Blackrock’s Bitcoin ETF Climbs the Market Ladder

After a tremendous trading session yesterday, Blackrock has now moved up to fourth place in the ETF markets overall. Previously, Blackrock’s Bitcoin ETF was ranked seventh overall on the market. Bitcoin ETFs’ rising trading activity suggests that investor sentiment is becoming more positive. The adoption has also helped to close the initial gap that separated digital currencies from traditionally regulated markets.

Also Read: Top Reasons Why Ethereum Price Might Hit $4000 In March

Bullish Run for Bitcoin Assets to Likely Continue

With a price rally for Bitcoin and the surge in ETF demand, it is safe to say right now that the ascending momentum could continue for some time. Wall Street investors are flooding Bitcoin ETFs with cash because the return on investment (ROI) for both Bitcoin and Ethereum is higher than that of other assets like gold, oil, stock exchanges, and other assets. As for the Crypto Fear & Greed Index, it has risen to a 4-year high close. The current levels stand at 80, indicating that the market is currently experiencing “Extreme Greed.”

Proponents of cryptocurrency and ETF professionals alike concur that BTC ETFs are outperforming key market indicators. The market size and assets under management for BTC ETFs are expected to rise in the future. The market now thinks that all exchange-traded funds offer investors both long-term viability and substantial short-term returns. Furthermore, the market estimate predicts a much higher $10–$15 billion inflows into BTC Spot ETFs in 2024 than was first projected.