As a seasoned analyst with over two decades of experience in the financial markets, I must admit that the rapid growth and success of Bitcoin ETFs is nothing short of remarkable. Having witnessed the evolution of various asset classes from their infancy to maturity, I can confidently say that Bitcoin’s journey has been one for the history books.
The value of assets held by BlackRock’s Bitcoin-focused exchange-traded fund (ETF) has exceeded $30 billion, demonstrating growing interest and investment in Bitcoin, the top global cryptocurrency.
In just under ten months following the debut of its Bitcoin Exchange-Traded Fund (ETF) on January 10th, the world’s largest asset manager surpassed a $30 billion milestone.
At present, BlackRock is in possession of approximately 417,000 Bitcoins (BTC), which equates to more than $30.4 billion according to current market values.
Investment into Bitcoin Exchange-Traded Funds (ETFs) has been steadily growing as the U.S. Presidential Election on November 5th approaches.
On October 29th, Bitcoin ETFs experienced a total net inflow of approximately $870 million, which represents the second-largest single-day influx since March 12th when they amassed over $1 billion in assets tied to Bitcoin (according to data from Farside Investors).
Reaching the $30 billion milestone establishes a new “historic high” in the ETF (Exchange Traded Fund) sector, as stated by Eric Balchunas, an experienced ETF analyst at Bloomberg.
Balchunas wrote in an Oct. 30 X post:
“It hit this milestone in just 293 days, an all-time record. The old record was $JEPI which did it in 1,272 days. $GLD took 1,790 days. Unreal.”
An increase in investments flowing into Bitcoin ETFs might propel the price of Bitcoin to a record peak. In fact, by February 15th, US-based Bitcoin spot ETFs made up approximately 75% of fresh Bitcoin investments, driving its value above $50,000.
Bitcoin ETFs set to cross 1 million in BTC holdings — ETF analyst
Bitcoin Exchange-Traded Funds (ETFs) are on the verge of reaching a substantial milestone within the next 24 hours, with the possibility of exceeding 1 million Bitcoins – currently valued at approximately $71.7 billion. As per Balchunas’ statement, these ETFs presently own around 996,000 Bitcoins, suggesting a strong likelihood that they could surpass the 1 million mark today.
If approved by November, these Bitcoin ETFs could potentially become the global leaders in Bitcoin ownership, outpacing the amount owned by Satoshi Nakamoto’s wallet (approximately 1.1 million BTC), as mentioned by Balchunas.
More and more financial experts are forecasting that the original cryptocurrency will reach an all-time high in the future. According to Bitfinex analysts, Bitcoin could surge to $80,000 or higher before 2024, with factors like the options market layout and the possibility of a Republican winning the presidency playing significant roles in this prediction.
Although some positive investments have been made into Bitcoin, certain experts argue that the ongoing surge in its value might be more of a “Trump hedge” rather than a response to robust macroeconomic factors, making it less likely for Bitcoin to surpass its previous record high.
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2024-10-30 16:56