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BlackRock, the top asset manager, has clinched a key milestone on the spot Bitcoin ETF scene through its iShares Bitcoin Trust (IBIT). Specifically, IBIT has secured approximately $20 million in inflows this year.
BlackRock’s IBIT Claims Top Spot
As a result, IBIT has claimed the top spot, attracting more investment than the other new ETFs launched in 2024. Nate Geraci, the President of ETF Store, highlights BlackRock IBIT's increasing popularity in a post on social media X. Geraci noted that out of all 375 new ETF launches in 2024, the following closest non-spot Bitcoin ETF to IBIT amassed $1.3 billion inflows.
iShares Bitcoin ETF has taken in approx $20.5bil this yr…
— Nate Geraci (@NateGeraci) August 14, 2024
Out of *all* 375 new ETF launches in 2024, next closest non-spot btc ETF = $1.3bil.
Numbers are comical at this point.
Spot btc ETFs (IBIT, FBTC, ARKB, BITB) = top 4 launches of 2024.
Global X Russell 2000 ETF = 5th.
Per the details, the top four spot Bitcoin ETFs launched in 2024 are IBIT, Fidelity’s FBTC, Ark Invest’s ARKB, and Bitwise’s BITB. Global X Russell 2000 ETF placed fifth, with BlackRock's Ethereum ETF, ETHA, ranking sixth.
Analyzing IBIT’s prominence among its rivals, Bloomberg’s Senior ETF Analyst Eric Balchunas noted that the ETF ended with 414 reported holders in May. On the other hand, BITB boasts around 100 reported holders, FBTC has slightly under 250, and ARKB has less than 100.
The recent disclosure shows a strong investor interest in Bitcoin and Ethereum through ETFs. More institutions are beginning to embrace cryptocurrency as an alternative means of investment. For instance, banking giant Goldman Sachs said it holds $419 million in Bitcoin ETFs. In a previous U.Today report, Larry Fink, BlackRock’s CEO, hailed Bitcoin as a diversified portfolio while comparing the cryptocurrency to gold.
Recovery in the Bitcoin Market
Bitcoin (BTC), the leading cryptocurrency, has experienced a notable uptick from its previous lows to the $60,000 price range. In the past 24 hours, BTC has inked a 4.2% increase to trade at $61,245. However, the trading volume declined by 12.6% to $28 billion, suggesting a subdued investor interest.
After a tumultuous August, the current price trends suggest a possibly more bullish rebound is underway.