In 2024, BlackRock’s iShares Bitcoin Trust (IBIT) achieved milestones becoming the most rapidly adopted exchange-traded fund in history.
The world’s largest asset manager with over $11 trillion under management has boosted the confidence of potential investors which is BlackRock and this increase has been the reason behind the rise of Bitcoin, pushing the cryptocurrency to go over $100,000.
IBIT was launched on January 11 and within a year the AUM went up to over $50 billion and on December it reached $58.57 billion as the Bitcoin price touched it’s all time high. Currently, SoSoValue reports that IBIT has an AUM of $52.15 billion.
IBIT is the most popular, and as such has a daily trading volume average over 50% for US Bitcoin ETFs. Even with a historic pullout of $188.7 million, it has still been able to move a staggering $37.27 billion into net inflows for American torrents of Bitcoin exchange-traded funds in 2024.
Consequently, BlackRock joins the ranks of the largest holders of cryptocurrency in the United States, being a top holder of the cryptocurrency among US spot Bitcoin ETFs. The ETFs owned by US citizens have increased after reaching a total of 1.104 million BTC by the end of 2024, comprising around 5 percent of the total Bitcoin stocks in existence and outdoing the assets owned by Satoshi Nakamoto, the creator of Bitcoin who has around 1.1 million BTC. Thus, IBIT has emerged as the biggest Bitcoin bearer amongst US Bitcoin exchange traded funds as it has more than five hundred Bitcoins plus its assets.
Funds relating to exchange traded funds, which are generally known as ETFs, have more than ten trillion dollars in the united states. Now, spotting Ethereum based on that one percent has a hundred billion plus dollars worth on the market.
Because this ground-breaking success with IBIT many believe that success with Bitcoin could open doors similar to that of the largest gold ETFs because Bitcoin is being labeled in the media as “digital gold”. Due to investors’ increasing opportunistic nature in the crypto market while ETFs for gold witness major outflows.
Considering the recent fall in Bitcoin prices x, it is appropriate to say IBIT is already one of the leaders in the ETF and crypto market while working to make Bitcoin a legitimate mainstream market.
