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25-12-20241 min read
News - BlackRock manages Bitcoin worth $10 billion
Bitcoin continues to break records: BlackRock's iShares Bitcoin Trust (IBIT) has captured the ETF market in just seven weeks.
At the end of the trading day the day before yesterday, BlackRock was managing $10 billion in Bitcoin. This is confirmed by information on the website of the iShares Bitcoin Trust (IBIT), the asset manager's BTC spot ETF. BlackRock has thus broken a record: IBIT is the fastest ETF to reach $10 billion in assets under management.
More wild stats: $IBIT makes up 0.2% of BlackRock's ETF lineup but has accounted for 42% of its net flows this year. $FBTC makes up 2% of Fidelity's ETF lineup but has accounted for 64% of its net ETF flows this year.
— Eric Balchunas (@EricBalchunas) February 29, 2024
Moreover, while IBIT accounts for only 0.2 percent of BlackRock's ETF offerings, it accounted for about 42 percent of net inflows in 2024. Since its launch on Jan. 11, BlackRock has withdrawn about 162,697 BTC from the market, according to data from BitMEX Research.
[1/4] Bitcoin ETF Flow - 29th Feb 2024
— BitMEX Research (@BitMEXResearch) March 1, 2024
All data in. $92m of positive flow for the day, with Blackrock and GBTC offsetting eachother, each with $600m flow in the other direction pic.twitter.com/f5uFFxl1YS
If the trend continues, the scenario of a demand shock is quite realistic - also in view of the upcoming halving. Incidentally, the company founded by Larry Fink manages Bitcoin only indirectly. The actual coins are kept under lock and key at the U.S. exchange Coinbase.
