BlackRock’s Bitcoin ETF Surpasses 100K BTC

BlackRock’s iShares Bitcoin Trust (IBIT) has surpassed 100,000 BTC under management, according to official data. The trust became the first spot Bitcoin ETF in the United States to reach this milestone among its peers, excluding the Grayscale Bitcoin Trust ETF (GBTC). BlackRock has experienced remarkable growth in BTC holdings since launching IBIT in January, multiplying its assets by over 3,700%. As of February 13th, IBIT had amassed 105,280 BTC. Another spot Bitcoin ETF, the Fidelity Wise Origin Bitcoin Fund (FBTC), has also been actively growing its holdings and currently holds 83,925 BTC. The only ETF that has been actively selling BTC following the launch is the Grayscale Bitcoin Trust ETF (GBTC), which reduced its holdings to 463,475 BTC from 619,220 BTC. BlackRock has yet to comment on the milestone.

The spot Bitcoin ETFs collectively achieved another record in terms of daily net inflows, reaching $631.3 million. The iShares Bitcoin ETF alone attracted $493 million of these inflows. Some observers have speculated that BlackRock may have struggled to meet the demand for the iShares Bitcoin ETF, with claims that the company had to buy BTC from Coinbase as OTC sellers ran out of coins.

The news coincides with Bitcoin’s recent growth, as it broke the $51,000 mark for the first time since November 2021. On February 14th, Bitcoin reached a market capitalization of $1 trillion for the second time in history. As of writing, Bitcoin is trading at $51,383, exhibiting a 20% increase over the past month. The ongoing rally has also resulted in the Crypto Fear and Greed Index reaching levels not seen since Bitcoin’s all-time high in mid-November 2021.