{"id":98521,"date":"2024-10-30T12:57:24","date_gmt":"2024-10-30T16:57:24","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=98521"},"modified":"2024-10-30T13:00:09","modified_gmt":"2024-10-30T17:00:09","slug":"blackrock-bitcoin-etf-passes-30b","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/blackrock-bitcoin-etf-passes-30b\/","title":{"rendered":"BlackRock Bitcoin ETF Passes $30B, US ETFs Near 1M BTC"},"content":{"rendered":"\n

Continued ETF inflows might help Bitcoin<\/a> hit an all-time high, which the asset came within $200 of on Oct. 29.<\/p>\n\n\n\n

\"BlackRock<\/figure>\n\n\n\n

BlackRock\u2019s spot Bitcoin exchange-traded fund (ETF) has exceeded $30 billion in holdings, indicating a growing interest in the leading cryptocurrency.<\/p>\n\n\n\n

The largest asset manager achieved this $30 billion milestone less than 10 months after launching its Bitcoin ETF, which started trading on January 10.<\/p>\n\n\n\n

According to data\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, BlackRock currently holds over 417,000 Bitcoins, valued at more than $30.4 billion based on today\u2019s prices.<\/p>\n\n\n\n
\"\"

BlackRock IBIT ETF holdings. Source: ishares.com<\/em><\/figcaption><\/figure>\n\n\n\n

Inflows into Bitcoin ETFs<\/a> have been rising in anticipation of the upcoming United States presidential election on November 5.<\/p>\n\n\n\n

On October 29, Bitcoin ETFs recorded $870 million in cumulative net inflows, making it the second-highest day for inflows since March 12, when the ETFs accumulated over $1 billion worth of BTC, according to Farside Investors <\/use><\/svg><\/span><\/a>data.<\/p>\n\n\n\n
\"\"

Bitcoin ETF Flow (USD, million). Source: Farside Investors<\/em><\/figcaption><\/figure>\n\n\n\n

Eric Balchunas, a senior ETF analyst at Bloomberg, stated that reaching the $30 billion milestone is an \u201call-time record\u201d for ETFs.<\/p>\n\n\n\n

In an October 30 X post,<\/use><\/svg><\/span><\/a> Balchunas noted:<\/p>\n\n\n\n

\n

\u201cIt 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.\u201d<\/p>\n<\/blockquote>\n\n\n\n

\"\"
IBIT US equity. Source: Eric Balchunas<\/em><\/figcaption><\/figure>\n\n\n\n

Growing ETF inflows may contribute to Bitcoin's price climbing to an all-time high. By February 15, just one month after their launch, US-based spot Bitcoin ETFs accounted for approximately 75% of new Bitcoin investments, driving its price above the $50,000 mark.<\/p>\n\n\n\n

Bitcoin ETFs Set to Cross 1 Million in BTC Holdings \u2014 ETF Analyst<\/h2>\n\n\n\n

Bitcoin ETFs are poised to reach a significant milestone within the next 24 hours, potentially exceeding a cumulative 1 million BTC \u2014 worth over $71.7 billion. Balchunas pointed out that the ETFs currently hold about 996,000 BTC, suggesting there\u2019s \u201ca good chance to pass 1 million today.\u201d<\/p>\n\n\n\n

\"\"
Top Bitcoin Holders in the world. Source: Eric Balchunas<\/em><\/figcaption><\/figure>\n\n\n\n

If this occurs, the Bitcoin ETFs could become the largest Bitcoin holders globally by this November, surpassing Satoshi Nakamoto\u2019s wallet, which contains over 1.1 million BTC, according to Balchunas.<\/p>\n\n\n\n

An increasing number of analysts predict a new all-time high for Bitcoin. Bitfinex analysts anticipate a rally to $80,000 before the end of 2024, driven by the options market structure and the possibility of a Republican presidential victory.<\/p>\n\n\n\n

However, some analysts caution that the current Bitcoin rally may be a \u201cTrump hedge,\u201d lacking the fundamental macroeconomic conditions needed to propel BTC to an all-time high.<\/p>\n","protected":false},"excerpt":{"rendered":"

Continued ETF inflows might help Bitcoin hit an all-time high, which the asset came within $200 of on Oct. 29. BlackRock\u2019s spot Bitcoin exchange-traded fund (ETF) has exceeded $30 billion in holdings, indicating a growing interest in the leading cryptocurrency. The largest asset manager achieved this $30 billion milestone less than 10 months after launching […]<\/p>\n","protected":false},"author":56,"featured_media":98538,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[152,5157,7611,484,1520,710,21718],"class_list":["post-98521","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-adoption","tag-bitcoin-analysis","tag-bitcoin-price","tag-blackrock","tag-business","tag-us-elections-2024"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/10\/BlackRock-Bitcoin-ETF-Passes-30B-US-ETFs-Near-1M-BTC.webp","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/98521","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/56"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=98521"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/98521\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/98538"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=98521"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=98521"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=98521"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}