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BlackRock’s Bitcoin ETF First to Reach $2B in AUM
The fund now holds nearly 50,000 bitcoin after adding almost another 4,300 tokens on Thursday.
Updated Mar 8, 2024, 8:33 p.m. Published Jan 26, 2024, 5:43 p.m.
The BlackRock iShares Bitcoin ETF (IBIT) on Friday became the first of the recently launched spot bitcoin products to reach $2 billion in assets under management (AUM). This doesn't include Grayscale's GBTC, which had nearly $30 billion in AUM at the time of its conversion from a closed-end fund to a spot ETF.
Investors added about $170 million to IBIT on Thursday, with the fund purchasing nearly another 4,300 bitcoin , pushing total tokens held to 49,952. With the price of bitcoin rising well above the $40,000 level early Friday, that brought AUM to above $2 billion.
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Now with over $2 billion in AUM, the fund ranks third in asset gathering among all of the more than 600 ETFs that launched in the past year, noted ETF Store president Nate Geraci, who believes IBIT could soon take over the crown as number one.
The next fund to cross the $2 billion mark is likely to be Fidelity's Wise Origin Bitcoin Fund (FBTC), which held just shy of 44,000 bitcoin as of Jan. 25.
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These Three Metrics Show Bitcoin Found Strong Support Near $80,000
Onchain data shows multiple cost basis metrics confirm heavy demand and investor conviction around the $80,000 price level.
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- Bitcoin rebounded from the $80,000 region after a sharp correction from its October all time high, with price holding above the average entry levels of key metrics.
- The convergence of the True Market Mean, U.S. ETF cost basis, and the 2024 yearly cost basis around the low $80,000 range highlights this zone as a major area of structural support.
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