BlackRock’s iShares Bitcoin Trust ETF (IBIT) has set a new record by becoming the fastest-growing ETF in history, surpassing $30 billion in assets under management in just 293 days. This growth rate outpaces the JPMorgan Equity Premium Income ETF and major Gold ETFs, which took 1,272 and 1,790 days respectively to reach the same milestone.
Data from Bloomberg Intelligence reveals that IBIT’s market valuation crossed the $30 billion threshold on October 29, following significant inflows and an increase in Bitcoin’s price. The fund currently holds over 417,000 Bitcoin, representing approximately 2% of the total Bitcoin supply.
If the current growth trend continues, BlackRock’s IBIT could accumulate up to 500,000 Bitcoin by the end of 2024, making it the third-largest Bitcoin holder globally, behind only Coinbase and Binance.
This milestone reflects a broader trend of growing institutional demand for Bitcoin. On October 29, Bitcoin ETFs collectively reported a daily net inflow of $870 million, with BlackRock’s IBIT leading the flow. Other notable funds, such as Fidelity’s FBTC, Bitwise’s BITB, VanEck’s HODL, and Ark and 21Shares’ ARKB, also experienced substantial inflows.
CryptoQuant’s research indicates that over the past year, approximately 278,000 BTC from retail investors flowed into US spot ETFs, while around 670,000 BTC moved into “whale” wallets holding more than 1,000 BTC. This suggests that institutional demand in custodial wallets is roughly double that of retail investors, highlighting the increasing role of institutional investors in the Bitcoin market.
