Blackrock's IBIT Just Hit USD 10 Billion Faster Than Any ETF
๐๐๐Blackrock's$iShares Bitcoin Trust(IBIT)$ has just made history today as it hit USD 10 Billion in Assets, faster than any ETF before it.
Blackrock's speed record breaks that of $SPDR Gold Shares(GLD)$ which took more than 2 years after its 2004 launch to reach USD 10 Billion in Assets. This record of hitting USD 10 Billion in Assets makes it the only ETF out of 152 ETFs taken from 3400 ETFs to hit that mark.
Bitcoin is also charging ahead as it hits USD 60,000 on Wednesday for the first time in more than 2 years as an influx of capital into the new US spot Bitcoin ETFs fuelled a 42% price rally. This is the largest monthly gain since December 2020.
The demand for Bitcoin, largely driven by the new Spot Bitcoin ETFs is far outstripping supply of BTC available in the market, creating a situation where the price is surging to bring sellers into the market to meet demand.
Bitcoin continued its winning streak soaring past the USD 64,000 mark on Thursday. If the current momentum persists Bitcoin will likely surpass its previous all time high of USD 69,000 level soon.
Crypto related stocks are also going up. $Coinbase Global, Inc.(COIN)$
$Marathon Digital Holdings Inc(MARA)$ is also up 4% today and has increased by 10% in the past 5 days. MARA is now up 17% year todate. Its share price has since recovered post Q423 earnings which resulted in 8% drop that day. MARA had a fantastic 2023 with its share price up 331%. It looks like the upward momentum will continue for MARA.
Since the launch of Spot Bitcoin ETFs, almost everything to do with Bitcoin has gone up in general. After $iShares Bitcoin Trust(IBIT)$ the next spot Bitcoin ETF with the most assets is Fidelity 's Wise Origin Bitcoin Fund (FBTC) at USD 6.5 billion in Assets followed by USD 2.1 billion ARK 21Shares Bitcoin ETF (ARK) and the USD 1.5 billion Bitwise Bitcoin RTF (BITB). Investors seem to like funds with a winning combination of low fees, a recognisable brand and Cryptocurrency expertise.
It is super easy and convenient to invest in Spot Bitcoin ETF using my Tiger App. Just a click of the button will allow me to get started. However the first step is to click to agree to the Terms and Conditions of trading Spot Bitcoin ETF.
With the forthcoming Bitcoin Halving Event in April, I believe that Bitcoin, Spot Bitcoin ETFs and Crypto related stocks will continue their upward trend. The USD 100,000 Bitcoin Target is within tantalising reach soon.
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