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.
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 <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>
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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>
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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

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