u.today
According to data provided by SoSoValue, BlackRock's Bitcoin exchange-traded fund (ETF) has already surpassed $40 billion in total assets.
It took this product just 211 days to reach this groundbreaking milestone. The previous record (1,253 days) was held by iShares Core MSCI Emerging Markets ETF (IEMG).
As noted by prominent ETF analyst Eric Balchunas, IBIT is now in the top 1% of all ETF products by total assets despite the fact that it was launched just 10 months ago.
Balchunas even struggled to come up with an appropriate sports metaphor in order to describe the groundbreaking success of Bitcoin ETFs.
"I'm trying to think of a sports metaphor, like Tiger Woods in '96 or Jordan as a rookie but I don't even those are appropriate given the velocity of the records being broken at only 10mo in the game," Balchunas quipped in a social media post.
The high-flying Bitcoin ETF is already bigger than 2,800 ETFs launched over the past 10 years.
On Nov. 12, IBIT logged $817 million worth of fresh inflows. Its cumulative net inflows are now approaching the $30 billion mark.
U.S. ETFs are currently on a wild ride. Over the past week alone, they have taken in a whopping $67 billion worth of inflows. These products are now on track to break the all-time annual record of $910 billion. According to Balchunas, they are likely to surpass $1 trillion.