BlackRock’s iShares Bitcoin Trust (IBIT) demonstrates rapid growth and approaches a significant milestone of $100 billion in assets.
Success of IBIT in the ETF Market
IBIT, trading at around $69 on NASDAQ, is the largest Bitcoin fund in the market and BlackRock's most profitable ETF according to Bloomberg. Despite being only 1.5 years old, it has reached the 20th largest ETF in the U.S. and the 7th largest under BlackRock.
Demand Dynamics for Bitcoin ETFs
Despite critics claiming there is little retail interest, the current numbers suggest otherwise. Of the approximately $150 billion in U.S. Bitcoin ETFs, about $135 billion comes from direct retail purchases or advisors buying on behalf of retail clients.
Overall Results and Predictions
Last week, IBIT saw significant inflows, with nearly $1 billion on Friday and $2.72 billion over the week. The fund currently holds over 3.6% of Bitcoin’s total supply.
Thus, the success of BlackRock iShares Bitcoin Trust and its rapid approach to $100 billion in assets indicates a growing interest in Bitcoin ETFs and activity among retail investors.
