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Cryptocurrency News Articles
BlackRock (IBIT) Bitcoin ETF (BTC) Leads the Spot Bitcoin ETF Market
Sep 28, 2024 at 04:44 pm
BlackRock (IBIT) Bitcoin ETF (BTC) is at the forefront of the spot BTC ETF market. It boasts cumulative net inflows reaching $21.42 billion as of September 27.
BlackRock continues to increase its Bitcoin (BTC) holdings, with a 1,434 BTC purchase on Friday, bringing its total to 363,626 BTC. The asset manager's latest purchase is valued at $94.3 million, adding to the 4,460 BTC it bought on September 26 for $289 million. BlackRock's total Bitcoin holdings are now worth $23.68 billion.
“BlackRock bought another 1,434 BTC ($94.3 million)! IBIT (BlackRock) has added 5,894 BTC ($387.68 million) to its holdings in the past 3 days and now holds a total of 363,626 BTC ($23.68 billion),” a blockchain analysis firm Lookonchain reported.
BlackRock is now the third largest Bitcoin holder, after Satoshi Nakもと and Binance, respectively. As the firm continues to increase its holdings, it is closing in on Binance, which reportedly has around 550,000 BTC.
The asset manager's interest in Bitcoin is reportedly due to its view of the digital currency as a haven. Head of digital assets at BlackRock, Robbie Mitchnick, argues that Bitcoin is fundamentally a risk-off asset. He says that unlike other assets, such as stocks or bonds, Bitcoin is not tied to any single country’s economic health or policies. He adds that the scarce asset [BTC] is thus immune to the usual risks of currency debasement and political turmoil, which tend to drive people towards safe-haven assets like gold.
“There’s been periods where Bitcoin’s correlation with equities has spiked and there’ve been periods where it’s gone negative. Actually gold shows a lot of the same patterns where you have these temporary periods where it spikes, but long term, close to zero,” Mitchnick said.
It is interesting to note that BlackRock's pivot on Bitcoin is a significant shift, especially considering that the firm's CEO, Larry Fink, has been an outspoken Bitcoin skeptic in the past. He has notably dismissed BTC as a speculative and potentially dangerous asset.
BlackRock's IBIT ETF at Forefront of Spot BTC ETF MarketEven as the firm aggressively buys Bitcoin in the spot market, its flagship IBIT Bitcoin ETF (exchange-traded fund) is also leading the way in the US. The IBIT ETF had cumulative net inflows reach $21.42 billion as of September 27, outpacing other Bitcoin ETFs. Fidelity's FBTC ETF came in second with $9.99 billion in inflows.
Like the rest of the issuers, BlackRock offers institutional investors indirect exposure to BTC via this financial instrument, which began trading on the New York Stock Exchange (NYSE) Arca in January. Following the landmark approval of Bitcoin ETFs in the US, institutional fervor for Bitcoin has increased, with the cumulative total net inflow for all issuers reaching $18.80 billion as of Friday's close of business.
Notably, as BlackRock's IBIT remains the most successful spot Bitcoin ETF on metrics of inflows, it has caused some custodial concerns. Some investors have questioned why Bitcoin's price performance in the spot market fails to reflect these positive flows into the ETF.
On the other hand, there are also concerns that increased institutional adoptions could erode the principles on which Bitcoin was founded. Specifically, institutional control in the crypto space shifts power back to the very entities Bitcoin aimed to bypass.
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