BlackRock Bitcoin ETF currently holds over 500,000 BTC, surpassing MicroStrategy. A Bitcoin price of 0.1 million US dollars could bring about a market cap of 50 billion US dollars in asset management.
BlackRock Bitcoin ETF (IBIT) continues to set new records, with its assets under management approaching 50 billion US dollars in less than a year since its launch. This makes IBIT one of the three ETFs launched in 2024. With almost daily inflows into IBIT, analysts eagerly anticipate BTC price breaking the $0.1 million mark.
BlackRock Bitcoin ETF holds over 500,000 bitcoins.
Last week, BlackRock Bitcoin ETF (IBIT) achieved a significant milestone by holding over 0.5 million bitcoins. Since its launch in January 2024, this asset management company accomplished this milestone in less than a year. As of now, with the Bitcoin price at $96,000, the assets managed amount to 48 billion US dollars.
This establishes IBIT as a dominant player in the cryptocurrency market, holding 2.38% of the total Bitcoin supply. Considering the current adoption rate, analysts believe IBIT could accumulate nearly 1 million BTC in the coming years. Additionally, traditional BlackRock funds have recently increased their investment in IBIT.
ETF Store President Nate Geraci emphasized this milestone in a recent statement, pointing out that IBIT has surpassed the iShares Gold ETF (IAU) launched in 2005. "If IBIT were BlackRock's only ETF, it would rank among the top 15 issuer globally," Geraci noted. He also added that despite critics downplaying the demand for Bitcoin ETFs, IBIT's explosive growth has exceeded expectations.
In addition, the amount of bitcoin held by IBIT has exceeded 0.5 million, even surpassing MicroStrategy, which currently holds 402,100 bitcoins.
Will BTC soon rise to 0.1 million US dollars?
The current price of bitcoin is 96,444, with a market cap of 1.91 trillion US dollars. In addition, due to significant selling pressure at the 0.1 million US dollar level, daily trading volumes have shown low trading activity in recent weeks. This is mainly due to profit-taking by long-term holders, bringing about selling pressure.
However, Glassnode's data shows that the daily selling pressure on BTC has recently decreased significantly. Glassnode points out in its latest report that the actual daily profit sent to exchanges for bitcoin has dropped substantially to 0.277 billion US dollars, a 42% decrease from the peak of 0.481 billion US dollars set on November 16. It attributes this decrease to reduced profit-taking activities, indicating that traders are holding positions waiting for the next market trend.