iShares Bitcoin Trust (IBIT), managed by BlackRock, has set a new record, reaching $91.06 billion in assets under management. This figure is the largest among spot Bitcoin exchange-traded funds (ETFs) in the U.S.
Record Assets for iShares Bitcoin Trust
These achievements are supported by data from SoSoValue, a crypto market tracker. IBIT has attracted $58.04 billion in cumulative net inflows since launching in January 2024. On August 13, 2024, the ETF closed at $69.84, which reflects a 0.57% premium to its net asset value. IBIT now holds 3.72% of all Bitcoin in circulation, equating to 54.82 million shares valued at $3.79 billion.
Fund Flows and Shares
In comparison to iShares Bitcoin Trust, other Bitcoin ETFs in the U.S. lag behind in asset volumes. For instance, Fidelity’s FBTC ranks second with assets of $24.77 billion, while Grayscale’s GBTC holds $22.18 billion, despite having recorded $23.72 billion in outflows.
Response to Inflation Data and Price Fluctuations
The record for iShares Bitcoin Trust coincided with a sharp increase in Bitcoin's price, which reached nearly $124,000 on Wednesday due to expectations of a U.S. interest rate cut. However, forecasts of high inflation figures, released in July, triggered a sell-off that saw Bitcoin drop below $118,000. This led to the liquidation of over $930 million in leveraged positions and $1 billion in total crypto liquidations within 24 hours.
The increase in assets within the iShares Bitcoin Trust reflects the growing interest from institutional investors, such as hedge funds and ordinary traders, in regulated investments in Bitcoin.
