BlackRock Bitcoin ETF Hits $50 Billion – Is $100K BTC Next?
The BlackRock Bitcoin ETF (IBIT) has reached significant milestones, now holding over 500,000 BTC and approaching $50 billion in assets under management (AUM) in less than a year. This rapid growth positions IBIT as one of the top ETF launches of 2024 and a major player in the crypto market. But what does this mean for Bitcoin’s price, especially the highly anticipated $100K mark?
Currently, Bitcoin is trading around $96,256.32 as per Coinpedia Markets data
For a more detailed Bitcoin Price Prediction and insights on Bitcoin’s next moves, check out our full analysis.
BlackRock Bitcoin ETF’s Growth
Since launching in January 2024, IBIT has accumulated 2.38% of Bitcoin’s total supply. At the current Bitcoin price of $96,000, this is valued at around $48 billion in AUM. IBIT’s holdings have already surpassed MicroStrategy, which holds 402,100 BTC. Analysts predict IBIT could hold nearly 1 million BTC in the future, solidifying its dominance.
IBIT’s Influence on the ETF Landscape
IBIT has exceeded expectations, outpacing established funds like the iShares Gold ETF (IAU), which launched in 2005. Nate Geraci, President of the ETF Store, noted that IBIT’s growth is extraordinary and would rank among the top 15 ETF issuers globally if it were BlackRock’s only ETF.
Bitcoin Price and the $100K Question
Currently trading around $96,444, Bitcoin has faced resistance at the $100K level, partly due to profit-taking by long-term holders. However, Glassnode data reveals a drop in selling pressure, with realized profits sent to exchanges falling by 42% since mid-November. This decline suggests many traders are holding their positions, waiting for the next market move.
The Road to $100K
With reduced selling pressure and increasing institutional interest through IBIT, Bitcoin’s price could soon break the $100K barrier. If that happens, IBIT’s AUM could surge to $50 billion, signaling continued growth for both the ETF and Bitcoin itself.
BlackRock’s Bitcoin ETF is on track to become a key player in the crypto market, and as adoption grows, Bitcoin’s price could very well reach new heights, possibly hitting $100K soon.