BlackRock’s Bitcoin ETF Smashes Records—$70B in Record Time
Wall Street's latest crypto darling isn't just winning—it's rewriting the rulebook. BlackRock's IBIT Bitcoin ETF just hit $70 billion in assets faster than any ETF in history. Take that, gold bugs.
The fund's blistering growth leaves traditional finance scrambling. Who needs decades of market trust when you've got digital scarcity and institutional FOMO?
One hedge fund manager muttered about 'irrational exuberance' between sips of his $28 artisanal latte. The rest of us are watching the most brutal efficiency in capital allocation since... well, Bitcoin itself.
BlackRock’s IBIT Bitcoin ETF Hits $70B, Source: X
Following this, Bitcoin price has also jumped by 2% and now it is trading around $107,860. This rally is also driven partly by increased institutional interest, particularly in ETFs such as IBIT. Having debuted in January 2024, IBIT has more than tripled the market cap of Fidelity’s Bitcoin ETF.
Due to ongoing purchasing, IBIT has accumulated 3.3% of the total maximum supply of Bitcoin. This not only makes BlackRock a major Bitcoin player but also shows how fast institutional adoption is growing. Just in the past few weeks, IBIT has taken in another $2.5 billion worth of Bitcoin.
It’s not just BlackRock making moves. According to blockchain tracker Whale Alert, two massive Bitcoin transfers, totaling nearly $200 million, were made from the U.S. crypto exchange Kraken to unknown wallets.
The two transactions moved 875 BTC and 997 BTC, with both occurring within an hour. This kind of activity often hints at long-term holding by “crypto whales” or institutions shifting to cold storage.
These massive exchanges are typically indicative of faith in the long-term worth of Bitcoin. Big players only take coins off exchanges for reserve, not for selling. These whale transfers combined with ETF HYPE and accelerating prices are signs that both retail and institutional investors believe Bitcoin is a central asset to hold for the future.
Also Read: ETH Season Heats-up: Weekly ETF Inflows in ethereum Outshine Bitcoin
