BlackRock iShares Bitcoin Trust (IBIT) has made history by crossing $70 billion in assets under management in just 341 days, which is less than a year.
For comparison, SDPR Gold Trust (GLD) has passed this level in more than 4.5 years (1,691 days). So, BlackRock has achieved this milestone faster than any ETF has achieved. Clearly, Bitcoin is the new gold in the eyes of many investors.
Following this, Bitcoin price has also jumped by 2% and now it is trading around $107,860. This rally is also driven partly by increased institutional interest, particularly in ETFs such as IBIT. Having debuted in January 2024, IBIT has more than tripled the market cap of Fidelity’s Bitcoin ETF.
Due to ongoing purchasing, IBIT has accumulated 3.3% of the total maximum supply of Bitcoin. This not only makes BlackRock a major Bitcoin player but also shows how fast institutional adoption is growing. Just in the past few weeks, IBIT has taken in another $2.5 billion worth of Bitcoin.
It’s not just BlackRock making moves. According to blockchain tracker Whale Alert, two massive Bitcoin transfers, totaling nearly $200 million, were made from the U.S. crypto exchange Kraken to unknown wallets.
The two transactions moved 875 BTC and 997 BTC, with both occurring within an hour. This kind of activity often hints at long-term holding by “crypto whales” or institutions shifting to cold storage.
These massive exchanges are typically indicative of faith in the long-term worth of Bitcoin. Big players only take coins off exchanges for reserve, not for selling. These whale transfers combined with ETF hype and accelerating prices are signs that both retail and institutional investors believe Bitcoin is a central asset to hold for the future.
Also Read: ETH Season Heats-up: Weekly ETF Inflows in Ethereum Outshine Bitcoin
