In a notable development within the cryptocurrency investment landscape, BlackRock’s IBIT spot Bitcoin ETF has crossed the $10 billion mark in total assets under management (AUM). The achievement underscores the continued dominance of BlackRock’s offering in the market, fueled by significant daily inflows and Bitcoin’s robust upward momentum.
Key Milestone Amid Market Rally
BlackRock’s IBIT Bitcoin ETF witnessed its second-largest daily inflows since its trading commencement on January 11. This milestone coincides with Bitcoin’s remarkable bullish run, marking its most substantial monthly rally since December 2020. With Bitcoin exchanging hands at $62,494 and recording a 22.67% gain over the last seven days, investor interest in cryptocurrency-backed ETFs has surged.
Impressive Performance
Per data from BitMEX Research, BlackRock’s IBIT spot Bitcoin ETF accumulated 162,697.9 Bitcoins, equivalent to over $10 billion in AUM, following a daily inflow of $603.9 million. This places BlackRock’s fund ahead of competitors such as Fidelity’s FBTC spot Bitcoin ETF and Ark Invest 21 Shares’ ARKB, which currently manage $6.4 billion and $2.1 billion in AUM, respectively.
Market Dynamics
According to Nate Geraci, President of The ETF Store, BlackRock’s achievement is noteworthy considering that only a fraction of exchange-traded funds possess over $10 billion in AUM, with the majority established over a decade ago. The emergence of nine newly launched spot Bitcoin ETFs, collectively holding over 344,000 BTC in AUM, further reflects the growing interest in cryptocurrency investment vehicles.
Inflows and Outflows
While BlackRock’s ETF experienced significant inflows, Grayscale’s converted GBTC fund encountered notable outflows, amounting to $598.9 million, the second-largest to date. Despite this, the net inflows of all U.S.-based spot Bitcoin ETFs totaled $92.4 million as of Thursday, though showing a decrease from Wednesday’s figure of $673.4 million.
