- BlackRock’s IBIT spot bitcoin ETF has quickly reached $10 billion in assets under management, the fastest ETF ever to hit this milestone.
- IBIT saw large inflows while Grayscale’s GBTC saw outflows, as spot bitcoin ETFs now hold over 344,000 BTC combined.
- Trading volume for spot bitcoin ETFs remains high, with IBIT leading at $1.9 billion on Thursday as bitcoin trades around $62,100.
BlackRock’s IBIT spot bitcoin exchange-traded fund (ETF) reached $10 billion in assets under management on Thursday, just seven weeks after launching on January 11, 2022. This makes IBIT the fastest ETF ever to reach $10 billion in assets under management.
IBIT’s Quick Growth
- In just seven weeks, BlackRock’s IBIT fund has reached over 162,000 BTC ($10 billion) under management.
- IBIT registered inflows of $603.9 million on Thursday, making it the second-largest daily inflow for the fund since launching.
- However, these inflows were largely canceled out by $598.9 million in outflows from Grayscale’s GBTC, the converted bitcoin fund.
Competition Between Funds
- Grayscale’s GBTC has dropped 30% to 432,000 BTC ($27 billion) since the spot bitcoin ETFs began trading.
- Fidelity’s spot bitcoin ETF, FBTC, has surpassed 105,000 BTC ($6.3 billion) in assets.
- In total, the new spot bitcoin ETFs hold over 344,000 BTC ($21 billion) combined.
Trading Volume Remains High
- Trading volume hit $4.74 billion on Thursday for the spot bitcoin ETFs, the second-highest level so far.
- IBIT led with $1.9 billion in volume, followed by GBTC and FBTC.
- This comes after a record $7.64 billion in trading volume on Wednesday.
Bitcoin Price Action
- Bitcoin is currently trading around $62,100, down 0.6% over the past 24 hours.
- The leading cryptocurrency gained nearly 45% in February, the largest monthly gain since December 2020.
Conclusion
In summary, BlackRock’s IBIT spot bitcoin ETF has seen rapid growth since launching just seven weeks ago. It is now the fastest ETF in history to reach $10 billion in AUM. However, competition remains fierce with other spot bitcoin ETFs as well as Grayscale’s GBTC. Trading volume and interest in these products remains high as bitcoin continues to trade around $62,000.
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