BlackRock’s Bitcoin ETF is most successful market launch of past 30 years
Last Updated on 17 February 2024 by CryptoTips.eu
BlackRock, the world’s largest asset manager, is seeing more and more money flowing into IBIT (aka iShares Bitcoin ETF), the Bitcoin Exchange Traded Fund that they launched about a month ago. The fund has purchased some 115,000 Bitcoins already, worth approximately $6 billion.
We thought their advertising for IBIT was very boring, but boomers clearly see it differently and invest willingly. Ibit is now the most successful EFT launch for BlackRock of the last 30 years. Americans are clearly convinced of the need for a Bitcoin ETF.
That also bodes well for a possible Ether ETF later this year.
Bloomberg
It was a tweet from Bloomberg analyst Eric Balchunas that got the ball rolling. He noted on February 8th that the launch of both Fidelity and BlackRock’s Bitcoin ETFs are among the most successful market introductions of the past 30 years.
Here's a look at the Top 25 ETFs by assets after 1 month on the market (out of 5,535 total launches in 30yrs). $IBIT and $FBTC in league of own w/ over $3b each and they still have two days to go. $ARKB and $BITB also made list. pic.twitter.com/Yyi1nxukUk
— Eric Balchunas (@EricBalchunas) February 8, 2024
After less than a month, BlackRock had already received so many requests that it had purchased $4 billion worth of Bitcoin. The counter now stands at some $6 billion.
🚨 1st Update for 2/15 #Bitcoin ETF Holdings👇
— HODL15Capital 🇺🇸 (@HODL15Capital) February 16, 2024
ETFs had strong inflows w/ ~9,170 $BTC scooped up💥
Purple highlight = My estimate 🧮$IBIT $FBTC $ARKB $BITB $BRRR $BTCO $HODL $EZBC $BTCW pic.twitter.com/pCzQOskJMI
Sell the news
After the launch of a Bitcoin ETF was officially approved on January 10th of this year, a predicted ‘sell the news’ (buy the rumor, sell the news) decline of some 20% followed.
When Bitcoin found support at the $38,500 level, it quickly rose again. This week we saw the $50,000 level being broken for the first time in two years. With the halving looming, positivism about crypto is back in full swing.
