BlackRock’s Bitcoin ETF Smashes $91B Milestone as BTC Soars to All-Time High
Wall Street's crypto embrace hits hyperdrive as BlackRock's Bitcoin ETF cracks $91 billion in assets—just as BTC punches through its previous ceiling.
Institutional money floods in
The ETF's explosive growth mirrors Bitcoin's relentless rally, proving even traditional finance giants can't ignore crypto's siren song. Funny how those 'speculative bubble' warnings quiet down when fees start rolling in.
Market dynamics on steroids
With BTC reaching unprecedented valuations, the ETF's swelling coffers suggest mainstream investors would rather let BlackRock handle the volatility than bother with private keys. Who needs decentralization when you've got expense ratios?
The cynical take: Nothing accelerates Wall Street's adoption like the smell of fresh commissions. But hey—at least they're finally stacking sats instead of fighting them.
SoSoValue Data Highlights Massive Inflows
According to SoSoValue, a crypto market tracker, IBIT has attracted $58.04 billion in cumulative net inflows since launching in January 2024, even though no new money flowed in on August 13.
The ETF closed at $69.84 that day, trading at a 0.57% premium to its net asset value. IBIT now holds 3.72% of all bitcoin in circulation, with 54.82 million shares valued at $3.79 billion.
Other U.S. Bitcoin ETFs lag far behind, Fidelity’s FBTC ranks second with $24.77 billion in assets, while Grayscale’s GBTC holds $22.18 billion despite recording $23.72 billion in outflows.
Bitcoin Price Swings After Hot Inflation Data
The record comes as Bitcoin’s price briefly surged to nearly $124,000 on Wednesday, fueled by expectations of a U.S. interest rate cut. However, hotter-than-anticipated Producer Price Index (PPI) inflation numbers in July triggered a sell-off that saw Bitcoin fall to below 118,000. The drop erased more than $930 million in Leveraged positions and caused over $1 billion in total crypto liquidations within 24 hours.
The popularity of BlackRock highlights the increasing institutional investor appetite in the FORM of hedge funds and ordinary traders in the U.S. to have regulated exposure to Bitcoin.
Also Read: Treasury Secretary Bessent Says US Might Expand Bitcoin Reserve
