BlackRock's IBIT Bitcoin ETF achieved a significant milestone last week by surpassing 500,000 BTC in assets under management, valued at $48 billion.
The event occurred less than a year after the ETF was launched on January 11, 2024.
BlackRock's Bitcoin ETF reaches 500,000 BTC
A recent report from K33 revealed that $338.3 million in net inflows on November 29 pushed BlackRock's Bitcoin ETF holdings to 500,380 BTC, representing 2.38% of the total Bitcoin supply, highlighting the growing demand for these investment vehicles among institutional investors.
BlackRock's success reflects the growing demand for Bitcoin ETFs, as IBIT has become the third strongest ETF in the U.S. by flows this year, only behind larger funds like Invesco's QQQ.
The impact of Bitcoin ETFs on the crypto marketThe rise of Bitcoin ETFs has played a role in Bitcoin's record price movements this year. Bitcoin is trading at $96,240 at the time of writing, a 38% increase since March, when BlackRock CEO Larry Fink described IBIT as "the fastest-growing ETF in ETF history."