BlackRock's Bitcoin ETF Surpasses $30B in Holdings, Nearing 1M BTC Milestone

The world's largest asset manager reached the $30 billion mark less than 10 months after launching its Bitcoin ETF, which began trading on Jan. 10.

BlackRock’s spot Bitcoin exchange-traded fund (ETF) is nearing a major milestone with holdings of 417,000 Bitcoin BTC , valued at over $30 billion at today’s price.

BlackRock’s ETF, ticker IBIT, began trading on Jan. 10. The fund’s holdings have been rising rapidly in recent months, tracking increasing demand for Bitcoin.

The ETF holdings are now at an all-time high for ETFs, according to Eric Balchunas, a senior ETF analyst at Bloomberg.

Balchunas noted in an Oct. 30 X post that the ETF is set to cross the 1 million Bitcoin threshold within the next 24 hours. According to the ETF analyst, the fund is currently about 4,000 Bitcoin away from the 1 million mark.

This could make the Bitcoin ETF the world’s largest Bitcoin holder as early as November, surpassing Satoshi Nakamoto’s wallet, which holds over 1.1 million BTC, Balchunas added.

Top Bitcoin Holders in the World as of Oct. 30. Source: Eric Balchunas

The increasing ETF inflows have been a major factor in driving the price of Bitcoin to new highs in 2024. By Feb. 15, just one month after they launched, US-based spot Bitcoin ETFs had already seen about 75% of new investment in Bitcoin, helping to push the crypto’s price past the $50,000 mark.

However, despite the strong inflows, some analysts say the current Bitcoin rally is a “Trump hedge,” lacking the fundamental macroeconomic conditions to push BTC to an all-time high.