BlackRock has officially hit a historic milestone with its iShares Bitcoin Trust (IBIT) surpassing 700,000 BTC, underscoring the relevance of institutional investments in cryptocurrency.
The Road to 700,000 BTC
Since its January 2024 debut, BlackRock's Bitcoin ETF has emerged as a leader among institutional investments. It now controls more than 55% of all Bitcoin held by U.S. spot ETFs, according to Cointelegraph, and confirmed by on-chain analytics platform Arkham. IBIT has consistently attracted over $150 million daily inflows, even during market downturns.
Bitcoin’s Price Reacts to ETF Demand Surge
Following the milestone announcement, Bitcoin's price hovered around $108,000, with daily highs nearing $110,000. Technical analysts suggest that a breakout above this range could propel BTC towards the $130,000 level.
Why IBIT Dominates the ETF Landscape
BlackRock boasts significant advantages in the ETF market, including low management fees and high liquidity. The firm has partnered with a network of authorized participants, ensuring stability and ease of operations even in volatile market conditions.
Surpassing the 700,000 BTC mark is a significant milestone for both BlackRock and the cryptocurrency market as a whole. It reflects the growing interest from institutional investors and may lead to changes in Bitcoin's price dynamics.
