Crypto
crypto
Sage D. Young

BlackRock’s iShares Bitcoin Trust becomes the fastest ETF to reach $70 billion

As bitcoin trades hands at around the $108,000 level, the world’s largest bitcoin fund, BlackRock’s iShares Bitcoin Trust, set a new record as it hit over $70 billion in assets under management, the fastest any ETF has ever hit that milestone. 

The iShares Bitcoin Trust took 341 trading days to attain the record, “5x faster than the old record held by GLD of 1,691 days,” according to Bloomberg ETF analyst Eric Balchunas in a post on X: 

BlackRock currently holds more than 663,000 bitcoin, data from blockchain analytics firm Arkham Intelligence shows. The asset manager’s holdings are larger than Michael Saylor’s Strategy, which has 582,000 bitcoin in its stockpile. 

The price of bitcoin is less than 4% away from its all-time high of nearly $112,000 set last month.

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Claire Yubin Oh

BlackRock’s IBIT on track for its worst month of net outflows, as investors yank $2.3 billion from the bitcoin ETF in November

BlackRock’s iShares Bitcoin Trust ETF, the world’s largest bitcoin fund, is heading for its worst month of outflows since it launched in January 2024.

Investors have pulled over $2.3 billion (net) throughout November so far. The jitters come as bitcoin grapples with its worst downturn since 2022, when the entire crypto world shook following the fall of Sam Bankman-Fried’s FTX — bitcoin has dropped more than 40% from its October high as of Monday’s close.

With their soaring popularity redefining and legitimizing cryptocurrencies at an institutional level, spot bitcoin ETFs have become a key barometer of wider investor sentiment surrounding the digital currency — as well as risk assets more broadly.

Notably, spot bitcoin ETFs like BlackRock’s iShares Bitcoin Trust tend to see their inflows accelerate with rising prices, and amplify falling prices when outflows become dominant. Citi Research, cited by Bloomberg, found that this feedback loop sees a ~3.4% price drop for every $1 billion pulled out from bitcoin ETFs.

Related reading: Bitcoin’s plunge produces technical signal that implies 60% more downside to come

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