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BlackRock’s Bitcoin ETF Smashes $30 Billion Milestone; US ETFs Poised to Surpass 1M BTC Holdings

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Originally published on: October 30, 2024

BlackRock’s Bitcoin exchange-traded fund (ETF) has surged past $30 billion in holdings, showcasing a surge in demand for the popular cryptocurrency.

The world’s largest asset manager achieved this milestone in less than 10 months since launching its Bitcoin ETF on January 10.

Currently, BlackRock holds more than 417,000 Bitcoin valued at over $30.4 billion, according to data.

Inflows into Bitcoin ETFs have been on the rise, especially leading up to the US presidential election on Nov. 5. On Oct. 29, Bitcoin ETFs saw inflows of $870 million, marking the second-highest inflow day since March 12.

This $30 billion achievement is deemed an “all-time record” for ETFs by Eric Balchunas, a senior ETF analyst at Bloomberg.

The growing ETF inflows could potentially drive the Bitcoin price to an all-time high. US-based spot Bitcoin ETFs accounted for 75% of new Bitcoin investments by Feb. 15, propelling the price of Bitcoin over $50,000 just one month after their launch.

Bitcoin ETFs are on track to exceed 1 million BTC holdings valued at over $71.7 billion, with a high chance of reaching this milestone in a day.

If this happens, Bitcoin ETFs may become the world’s largest Bitcoin holders, surpassing even the wallet of mysterious creator Satoshi Nakamoto, which holds over 1.1 million BTC.

Analysts are optimistic about a new record high for Bitcoin, with predictions of a rally to $80,000 by the end of 2024 driven by market structures and potential political outcomes.

Despite the positive momentum, some analysts view the current Bitcoin rally as a “Trump hedge,” lacking the necessary macroeconomic conditions for BTC to hit an all-time high.

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