Bitcoin ETF

Bitcoin

BlackRock

BlackRock’s spot Bitcoin exchange-traded fund (ETF) has surpassed $30 billion in holdings, reflecting increasing demand for the world’s leading cryptocurrency.
The world’s largest asset manager reached the $30 billion mark less than 10 months after launching its Bitcoin ETF, which began trading on Jan. 10.
BlackRock currently holds more than 417,000 Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null" title="null">BTC</a>) worth over $30.4 billion at today’s valuation, <a data-ct-non-breakable="null" href="https://www.ishares.com/us/products/333011/ishares-bitcoin-trust-etf" rel="null" target="null" text="null" title="null">data</a> shows.
<figure>
 <img alt="BlackRock Bitcoin ETF breaks $30B; US ETFs set to hit 1M BTC holdings" src="https://s3.cointelegraph.com/uploads/2024-10/0192dd87-ab21-7251-97bc-17461e06dda4" title="">
 <figcaption style="text-align: center;">
 BlackRock IBIT ETF holdings. Source: ishares.com
 </figcaption>
</figure>
Bitcoin ETF inflows have been increasing ahead of <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/us-elections" rel="" target="_self" text="null" title="https://cointelegraph.com/news/us-elections">the United States presidential election</a> on Nov. 5.&nbsp;
On Oct. 29, the Bitcoin ETFs generated $870 million worth of cumulative net inflows, marking the second-highest day of inflows since March 12, when the ETFs accumulated more than $1 billion worth of BTC, Farside Investors <a data-ct-non-breakable="null" href="https://farside.co.uk/btc/" rel="null" target="null" text="null" title="null">data</a> shows.
<figure>
 <img alt="BlackRock Bitcoin ETF breaks $30B; US ETFs set to hit 1M BTC holdings" src="https://s3.cointelegraph.com/uploads/2024-10/0192dd88-123a-746c-8ee6-fdab733f536e" title="">
 <figcaption style="text-align: center;">
 Bitcoin ETF Flow (USD, million). Source: Farside Investors
 </figcaption>
</figure>
The $30 billion milestone marks an “all-time record” for ETFs, according to Eric Balchunas, a senior ETF analyst at Bloomberg.
Balchunas wrote in an Oct. 30 X <a data-ct-non-breakable="null" href="https://x.com/EricBalchunas/status/1851587325077197034" rel="null" target="null" text="null" title="null">post</a>:
<blockquote>
 “It hit this milestone in just 293 days, an all-time record. The old record was $JEPI which did it in 1,272 days. $GLD took 1,790 days. Unreal.”
</blockquote>
<figure>
 <img alt="Bitcoin Price, Bitcoin Analysis, Bitcoin Adoption, BlackRock, US Elections 2024" src="https://s3.cointelegraph.com/uploads/2024-10/0192dd9e-862c-7494-8d56-196656d53be5" title="">
 <figcaption style="text-align: center;">
 IBIT US equity. Source: Eric Balchunas
 </figcaption>
</figure>
Growing&nbsp; <a data-ct-non-breakable="null" href="https://cointelegraph.com/explained/what-are-etf-fund-flows-and-why-do-they-matter" rel="null" target="null" text="null" title="null">ETF inflows</a> may help the Bitcoin price reach an all-time high. By Feb. 15, just one month after they launched, US-based spot Bitcoin ETFs accounted for about <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-etfs-about-75-new-investment" rel="null" target="null" text="null" title="null">75% of new investment</a> in Bitcoin, pushing its price past the $50,000 mark.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-trump-hedge-macroeconomic-all-time-high" rel="null" target="null" text="null" title="null">Bitcoin ‘Trump hedge’ rally lacks macro conditions for all-time high</a>
<h2 id="bitcoin-etfs-set-to-cross-1-million-in-btc-holdings-etf-analyst">Bitcoin ETFs set to cross 1 million in BTC holdings — ETF analyst</h2>
Bitcoin ETFs are on track to reach a significant milestone within the next 24 hours, potentially surpassing a cumulative 1 million BTC — valued at over $71.7 billion. Balchunas noted that the ETFs currently hold about 996,000 BTC, saying there’s “a good chance to pass 1 million today.”
<figure>
 <img alt="Bitcoin Price, Bitcoin Analysis, Bitcoin Adoption, BlackRock, US Elections 2024" src="https://s3.cointelegraph.com/uploads/2024-10/0192dd9f-1e2d-7dd4-9c55-512d4014c7fd" title="">
 <figcaption style="text-align: center;">
 Top Bitcoin Holders in the world. Source: Eric Balchunas
 </figcaption>
</figure>
This could make the Bitcoin ETFs the world’s largest Bitcoin holders as soon as this November, surpassing Satoshi Nakamoto’s wallet, which holds over 1.1 million BTC, Balchunas noted.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bhutan-government-sells-66m-bitcoin-stash-price-tops-71k" rel="null" target="null" text="null" title="null">Bhutan gov’t moves $66M of Bitcoin stash to Binance as price tops $71K</a>
Increasingly more analysts are predicting a new record high for the world’s first cryptocurrency. Bitfinex analysts foresee a <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-80k-derivatives-signal-98-bitcoin-holders-profit" rel="null" target="null" text="null" title="null">Bitcoin rally to $80,000</a> before the end of 2024, driven by the options market structure and the prospect of a Republican presidential victory.
Despite the optimistic inflows, some analysts say the current Bitcoin <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-trump-hedge-macroeconomic-all-time-high" rel="" target="_self" text="null" title="https://cointelegraph.com/news/bitcoin-trump-hedge-macroeconomic-all-time-high">rally is a “Trump hedge</a>,” lacking the fundamental macroeconomic conditions to push BTC to an all-time high.<iframe width="100%" height="315" src="https://www.youtube.com/embed/tthVp0Vascs" frameborder="0" allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>
Harris vs. Trump 2024: What’s at Stake for the Crypto Market? Source: YouTube
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/microsoft-bitcoin-vote-peter-todd-satoshi-bitfinex-wallet-hack-hodlers-digest/" rel="null" target="null" text="null" title="null">Microsoft set to vote on Bitcoin, Peter Todd hiding, and more: Hodler’s Digest, Oct. 20–26</a>

BlackRock Bitcoin ETF breaks $30B; US ETFs set to hit 1M BTC holdings

Table of Contents

Cointelegraph

Other articles published on Oct 30, 2024

Analyst Predicts Big Moves for Dogwifhat, SUI, and Popcat Amid Memecoin Resurgence

Ethena (ENA) Price Approaches Resistance, While Chainlink (LINK) Tests Key Zone

XRP Price Prediction: XRP Aims For ATH $5 While DeFi Coin Cutoshi Is Set To Hit $1 By Mid 2025

Bad News Came From Russia, Which Approved Bitcoin Payments! "Ban Is Coming!"

BlockDAG Launches ‘BDAG100’ After Successful Presale as 5thScape Gains Momentum

Zypto’s White Label Crypto Products

Join our free newsletter for daily crypto updates!