Setting a new benchmark, BlackRock’s iShares Bitcoin Trust (IBIT) has shattered records by surpassing $50 billion in assets under management (AUM) in the shortest time ever.
IBIT, launched earlier this year, has demonstrated unprecedented growth, reaching the $50 billion AUM mark in a staggering 228 days.
According to a tweet by Eric Balchunas, a senior ETF analyst at Bloomberg Intelligence, the new record surpasses the previous record held by BlackRock’s iShares Core MSCI EAFE ETF (IEFA), which took about 1,329 days to reach the same landmark.
BlackRock’s Spot Bitcoin ETF Makes Waves
Following the landmark launch of up to 11 Bitcoin ETFs in January 2024, BlackRock’s ETF has exhibited exceptional growth, outpacing its competitors and establishing itself as a clear leader in the Bitcoin ETF market.
A few months after launching, IBIT outperformed Grayscale’s Bitcoin Trust (GBTC) to become the world’s largest Bitcoin ETF. The record was achieved after BlackRock’s ETF reported about $102.5 million in inflows, while GBTC experienced a $105 million outflow.
On Tuesday, BlackRock’s ETF reached a significant milestone, surpassing 500,000 BTC in AUM. According to Vetle Lunde, K33’s Head of Research, BlackRock’s milestone represented a significant accomplishment, building on the fund’s outstanding launch year.
Furthermore, the fund’s strong year-to-date inflows have secured its position as one of the top three ETFs in the US, surpassing Invesco’s substantial $314 billion fund.
The Crypto Rally Continues
In another historic milestone, Bitcoin breached the $100,000 barrier earlier today, marking a significant achievement for the cryptocurrency.
According to CoinMarketCap data, although it experienced a slight correction after narrowly missing the $104,000 mark, Bitcoin has stabilized above $102,000.
The recent surge in Bitcoin’s value and the new record achieved by IBIT can be mainly attributed to US President-elect Donald Trump’s nomination of Paul Atkins, a former SEC commissioner and well-known crypto supporter, to head the US Securities and Exchange Commission (SEC).
The SEC chair’s new appointment is seen as a significant shift in the regulatory landscape. Atkins is expected to replace Gary Gensler, who has been vocal about his anti-crypto stance.
The nomination of Paul Atkins, who has spoken out against the agency’s enforcement actions against the industry, has sparked a predominantly optimistic reaction within the crypto sector. Concerns are vastly outweighed by hopes for a more favorable regulatory environment.
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