Originally published on: October 30, 2024
BlackRock’s Bitcoin exchange-traded fund (ETF) has reached a groundbreaking milestone, exceeding $30 billion in holdings, showcasing the surging interest in the world’s leading cryptocurrency.
In just under 10 months since its launch on January 10, the world’s largest asset manager has amassed over 417,000 Bitcoin worth a staggering $30.4 billion, as data reveals.
With Bitcoin ETF inflows on the rise, the demand for the cryptocurrency is steadily increasing, especially leading up to the US presidential election on Nov. 5. On Oct. 29 alone, Bitcoin ETFs saw a remarkable $870 million in cumulative net inflows, marking the second-highest inflow day since March 12.
According to Eric Balchunas, a senior ETF analyst at Bloomberg, this $30 billion milestone sets an “all-time record” for ETFs, emphasizing the growing interest in Bitcoin investments.
As the US-based spot Bitcoin ETFs are on track to exceed 1 million BTC holdings valued at over $71.7 billion, there is a strong possibility of them becoming the largest Bitcoin holders in the world, surpassing even Satoshi Nakamoto’s wallet.
Analysts are predicting a potential Bitcoin rally to $80,000 by the end of 2024, fueled by various market factors and the evolving political landscape. However, some experts caution that the current Bitcoin rally may be influenced by external factors, such as the upcoming US election, rather than intrinsic market conditions.
Despite the differing views on the future of Bitcoin, the surge in ETF inflows indicates a growing interest in cryptocurrency investments, underscoring a pivotal moment for the digital asset market.
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