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BlackRock Bitcoin ETF Dominance Continues
BlackRock’s iShares Bitcoin Trust ETF (IBIT) has recorded massive $358 million inflows on Monday, ignoring market volatility, with the price of Bitcoin dropping to $94,000 levels. Despite the rejection at $100K levels, Bitcoin dropped over 5% and dragged altcoins lower, leading to the flush-out of leveraged positions.
BlackRock Bitcoin ETF Dominance Continues
BlackRock’s iShares Bitcoin Trust ETF (IBIT) continues to see staggering inflows, scooping up more than 4,000 Bitcoin, worth $398 million on Monday, December 9, according to data from Farside Investors. Yesterday’s IBIT’s daily trading volume also surged to $3 billion, demonstrating strong demand for the investment product from institutional players.
The BlackRock Bitcoin ETF has witnessed strong inflows, surging past $3.1 billion in the last seven sessions alone. As a result, the net inflows for IBIT since inception have grossed more than $34.7 billion.
The BlackRock Bitcoin ETF (IBIT) has achieved a historic milestone, surpassing $50 billion in assets under management (AUM) for the first time. Remarkably, it reached this threshold in just 228 days, more than five times faster than any other ETF in history. For comparison, the gold ETF GLD took approximately 5.5 years to achieve the same feat.
Bitcoin ETFs have collectively surpassed the holdings of Bitcoin’s creator, Satoshi Nakamoto. The combined total held by these ETFs has now exceeded 1.1 million BTC, overtaking Nakamoto’s holdings.
This achievement coincides with the surge in Bitcoin’s price, which witnessed a staggering 32% gain over the past month, reaching an all-time high of $104,000. During the same period, the broader crypto market added more than $1.4 trillion in value.
FAQs
Q: What is the BlackRock Bitcoin ETF (IBIT)?
A: The BlackRock Bitcoin Trust ETF (IBIT) is a publicly traded ETF that tracks the performance of the S&P Bitcoin Index, which is designed to track the daily price of Bitcoin.
Q: What are the benefits of investing in the BlackRock Bitcoin ETF (IBIT)?
A: The BlackRock Bitcoin ETF offers investors a way to gain exposure to the growth potential of Bitcoin without having to buy, store, and secure the actual cryptocurrency.
Q: How has the performance of the BlackRock Bitcoin ETF (IBIT) been?
A: The BlackRock Bitcoin ETF has outperformed many other cryptocurrency-related investments, with its net inflows surging past $34.7 billion since inception.
Q: What is the future outlook for the BlackRock Bitcoin ETF (IBIT)?
A: The future outlook for the BlackRock Bitcoin ETF is positive, with the potential for continued growth driven by increasing institutional interest and mainstream adoption of cryptocurrencies.
Conclusion:
The BlackRock Bitcoin ETF (IBIT) has established itself as a leading player in the cryptocurrency market, with its impressive net inflows and strong performance. As the landscape continues to evolve, it is likely that the IBIT will remain a key player, offering investors a convenient and secure way to gain exposure to the growth potential of Bitcoin and the broader cryptocurrency market.
