February 13 was groundbreaking for BlackRock’s Bitcoin ETF since it reached over 100,000 BTC under management.
The iShares Bitcoin Trust has become the first US-based spot Bitcoin ETF to exceed the $1 billion mark in inflows, with an astonishing $493.1 million received on February 13 alone. This surge in interest has catapulted IBIT ahead of its competitors, such as Fidelity’s FBTC, which has also seen impressive inflows but trails behind BlackRock’s achievement.
Data indicates that on February 13, there was a record net inflow of $631.3 million into Bitcoin ETFs, reflecting a peak in investor confidence and interest in Bitcoin as an investment opportunity. Bitcoin’s price has also seen a significant increase, surpassing $51,500, indicating a positive trend in its market performance with a year-to-date gain of 21.50%.
Rapid Growth of BlackRock
Since its launch on January 11, 2024, BlackRock’s IBIT has experienced remarkable growth, with its Bitcoin holdings increasing by over 3,700% in just over a month. This rapid accumulation of Bitcoin assets showcases BlackRock’s aggressive strategy in the cryptocurrency space and its capability to attract substantial investment inflows.
The iShares Bitcoin Trust stands out among nine other spot Bitcoin ETFs for its active growth in holdings since its inception, contrasting with the Grayscale Bitcoin Trust ETF, which has seen a reduction in its Bitcoin holdings.
The cryptocurrency market has witnessed significant growth, with Bitcoin’s value exceeding $51,000 for the first time since November 2021. This upward trend has been accompanied by a resurgence in investor sentiment, as indicated by the Crypto Fear & Greed Index reaching levels last seen during Bitcoin’s all-time high in November 2021.