📌 BlackRock’s Bitcoin ETF breaks records, strengthening the cryptocurrency’s financial position.
– Large-scale bitcoin acquisitions have propelled BlackRock to the top spot among U.S.-based bitcoin ETFs sporting.
As of the last day of 2024, U.S.-based bitcoin ETFs collectively owned 1,104,000 BTC (5% of all existing bitcoins). (5% of all existing bitcoins), surpassing the holdings of pseudonymous bitcoin founder Satoshi Nakamoto (1.1 million).
BlackRock’s IBIT alone holds 552,554.8 bitcoins, making it the largest bitcoin holder among competing mutual funds.
U.S. bitcoin ETFs hold more than 1.1 million bitcoins (5% of all existing bitcoins), more than the total holdings of U.S. bitcoin ETFs.
U.S. ETFs manage more than $10 trillion in assets, with bitcoin funds accounting for more than $100 billion, or 1% of the total ETF market.
The success of IBIT could rival the largest gold ETFs as bitcoin gains traction as digital gold.
The gold ETF, which was first launched in 2004, is currently experiencing significant outflows as investors switch to ETFs in search of cryptocurrency alternatives.
Despite the recent drop in the bitcoin price, BlackRock’s IBIT fund has cemented its position as a major player in the ETF market by the end of 2024, helping to establish bitcoin as a mainstream investment.
Despite dominating the market, BlackRock’s IBIT ETF is vulnerable to sharp fluctuations in the bitcoin price, which could affect investor sentiment.
IBIT’s success underscores that bitcoin is becoming part of mainstream portfolios, changing the ETF landscape, accelerating the adoption of digital assets and providing institutional investors with a familiar entry point into the cryptocurrency market. FIG. 1.