BlackRock Bitcoin ETF Fund Surpasses $30 Billion

BlackRock’s Bitcoin ETF fund has hit an impressive milestone, surpassing the $30 billion mark and reflecting the increasing appeal of the leading cryptocurrency. Remarkably, in just under 10 months since its launch on January 10, the world’s top asset manager achieved this feat. According to the latest data, BlackRock holds a massive amount of Bitcoin—over 417,000 BTC, valued at approximately $30.4 billion at the current price.

Particularly, capital inflows to Bitcoin ETFs have been surging as the U.S. presidential election on November 5 draws closer. On October 29 alone, Bitcoin ETFs attracted $870 million in net inflows—the second-highest since March 12 (when over $1 billion was recorded), with BlackRock accounting for $640 million.

Eric Balchunas, a senior ETF analyst at Bloomberg, noted this as a “remarkable record.” He pointed out:

IBIT took just 293 days to reach this milestone—a new record, far surpassing the previous achievements of JEPI (1,272 days) and GLD (1,790 days).

With this growth momentum, the total value of all Bitcoin ETFs is approaching a historic milestone: holding 1 million BTC. According to Balchunas, Bitcoin ETF reserves currently hold around 996,000 BTC and “will likely exceed 1 million today.” This implies that the total Bitcoin holdings of ETFs could soon become the largest in the world, surpassing even the wallet of Bitcoin’s creator, Satoshi Nakamoto, who holds over 1.1 million BTC.

Analysts are divided on Bitcoin’s future. While experts at Bitfinex optimistically forecast Bitcoin’s price to reach $80,000 by the end of 2024, some more cautious analysts argue that the current price surge is merely a “hedge against a potential Trump victory” and lacks the solid macroeconomic foundation for Bitcoin to establish a new all-time high.