Blackrock Bitcoin ETF currently holds over 500,000 BTC, surpassing MicroStrategy. A Bitcoin price reaching $0.1 million can bring a $50 billion asset management scale.
Blackrock Bitcoin ETF (IBIT) continues to set new records, with its managed assets close to $50 billion in less than a year since its launch. This makes IBIT one of the three major ETFs launched in 2024. With funds inflowing almost daily into IBIT, market analysts eagerly await BTC price breaking the $0.1 million mark.
Blackrock Bitcoin ETF holds over 500,000 bitcoins.
Last week, Blackrock Bitcoin ETF (IBIT) achieved a significant milestone, holding over 0.5 million bitcoins. Since the launch of IBIT in January 2024, this asset management company has achieved this milestone in less than a year, with the current Bitcoin price at $96,000, managing assets worth $48 billion.
This positions IBIT as a leader in the crypto market, holding 2.38% of the total Bitcoin supply. Considering the current adoption rate, market analysts believe IBIT may accumulate nearly 1 million BTC in the coming years. In addition, traditional Blackrock funds have recently increased investments in IBIT.
ETF Store President Nate Geraci highlighted this milestone in a recent statement, stating that IBIT has surpassed the iShares Gold ETF (IAU) launched in 2005. "If IBIT were Blackrock's only ETF, it would rank among the top 15 global issuers," Geraci noted. He also added that despite critics downplaying the demand for Bitcoin ETFs, IBIT's explosive growth has exceeded expectations.
In addition, IBIT's holdings of bitcoin have exceeded 0.5 million, even surpassing MicroStrategy, which currently holds 402,100 bitcoins.
Will BTC soon rise to 0.1 million US dollars?
The current price of bitcoin is 96,444, with a market cap of 1.91 trillion US dollars. In addition, due to substantial selling pressure at the 0.1 million US dollars level, daily trading volumes have shown low activity in recent weeks. This is mainly due to profit-taking by long-term holders, leading to selling pressure.
However, Glassnode data shows that the daily selling pressure on BTC has recently decreased significantly. Glassnode pointed out in its latest report that the actual daily profits from bitcoin sent to exchanges have dropped significantly to 0.277 billion US dollars, a 42% decrease from the peak of 0.481 billion US dollars reached on November 16. It described this decline as a signal of reduced profit-taking activity, indicating traders are holding positions awaiting the next market trend.