BlackRock, the world’s largest asset manager, has made a groundbreaking move into the cryptocurrency market with its iShares Bitcoin Trust (IBIT), which swiftly reached $10 billion in assets under management (AUM).
This feat, achieved in just seven weeks, sets a new record for the fastest ETF to reach this milestone, highlighting the increasing institutional adoption of crypto-focused investment vehicles.
Notably, GBTC remains the largest Bitcoin trust, while other significant players in the field include Fidelity’s Wise Origin Bitcoin Fund and the ARK 21Shares Bitcoin ETF. Despite these developments, traditional ETFs like SPDR S&P 500 ETF Trust maintain dominance in the market.
Simultaneously, there’s been an increase in outflows from Europe’s largest bitcoin exchange-traded products, possibly due to a shift towards U.S. ETFs and profit-taking activities. Since January 11, 2024, around $344 million has exited major European bitcoin ETPs, with $50 million leaving on February 29, 2024.
On Thursday, net inflows for all U.S. spot bitcoin ETFs combined reached $92.4 million, a significant drop from Wednesday’s record of $673.4 million.
Image Credit: Shutterstock
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
