BlackRock’s iShares Bitcoin Trust ETF (IBIT) is the fastest-growing ETF ever. It hit $30 billion in assets in just 293 days.
This pace beats JPMorgan’s JEPI ETF, which took 1,272 days, and major Gold ETFs, which took 1,790 days, to hit the same mark. Bloomberg data shows IBIT crossed $30 billion after strong inflows and a Bitcoin price boost on October 29. Currently, the fund holds over 417,000 Bitcoin, about 2% of the total Bitcoin supply.
Analysts believe IBIT could accumulate over 500,000 Bitcoin by the end of 2024 if this growth continues.
That would make it the third-largest Bitcoin holder globally, behind Coinbase and Binance. This success shows a growing role for institutional investors in Bitcoin. Fidelity’s FBTC and Bitwise’s BITB funds attracted $133.86 million and $52.49 million, respectively. On October 29, Bitcoin ETFs had a net inflow of $870 million. This marked one of the highest totals since their launch.
Data from CryptoQuant suggests that institutional demand for Bitcoin has been rising steadily. Over the past year, about 278,000 Bitcoin from retail investors flowed into U.S. spot ETFs. Meanwhile, 670,000 Bitcoin moved into large “whale” wallets. This shows institutions are accumulating Bitcoin at twice the rate of retail investors. This growth shows how major funds like BlackRock’s IBIT are driving demand and reshaping the Bitcoin market.