- BlackRock’s IBIT outperforms MicroStrategy in Bitcoin, highlighting growing institutional interest and robustness of the crypto market.
- SEC approval of spot ETFs boosts Bitcoin price, evidencing greater acceptance and diversification in financial investments.
BlackRock-managed Bitcoin ETF IBIT has surpassed MicroStrategy’s figures for Bitcoin holdings. This fund increased its portfolio by nearly 5,000 bitcoins recently, reaching a total of 195,985 units. This growth was achieved in less than two months since inception, placing IBIT above MicroStrategy in terms of cumulative Bitcoin volume.
Progress in the cryptoasset market
With this accumulation, IBIT establishes itself within Bitcoin financial products, behind only the Grayscale Bitcoin Trust. The steady acquisition of bitcoins, valued at hundreds of millions of dollars every day, positions IBIT as a benchmark in this segment.
🚀💥 Breaking News: BlackRock's #Bitcoin ETF, IBIT, hits a historic $10B in assets, outpacing all other ETFs in the US! A rally in Bitcoin prices fuels this milestone, attracting eager eyes from institutions to everyday investors. #IBIT, launched in January, now champions the… pic.twitter.com/VjDvF50ZNr
— Marcel Knobloch aka Collin Brown (@CollinBrownXRP) March 11, 2024
Its next target is to overtake Grayscale’s GBTC, which, although it has decreased its holding by more than 200,000 bitcoins since the opening of spot products, still retains close to 400,000 tokens.
Strong demand for ETFs, as we mentioned in another ETHNews post, has been a driving factor in Bitcoin’s price rise this year, surpassing $70,000 for the first time, and setting a record high of $70,136. This reflects Bitcoin’s strong appeal and capacity for growth.
IBIT reflects the attraction to Bitcoin and evidences a preference for cryptocurrencies. With an increase of $788 million in a single day, IBIT reinforces its position in the market and demonstrates BlackRock’s investment strategy in cryptocurrencies.
The competitive environment for Bitcoin ETFs is intensifying, with entities such as iShares, Fidelity and Ark Investment Management generating considerable investments. However, not all funds have experienced the same success, highlighting the relevance of fund reputation and structure in this area.
BlackRock’s plans to expand its Bitcoin investments through its funds indicate a positive view on the future of digital assets. This enthusiasm for spot Bitcoin ETFs reflects a firm appetite on the part of investors, signaling a positive evolution in the acceptance of the cryptocurrency market.
