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    BlackRock Bitcoin ETF breaks $30B, US ETFs set to hit 1M BTC holdings

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    BlackRock’s Bitcoin-focused exchange-traded fund (ETF) now holds over $30 billion in Bitcoin, owning over 417,000 Bitcoins. The ETF had pulled in over $1 billion worth of Bitcoin investment on its highest day in March and also recently attracted $870 million on October 29. Achieving a world record for the fastest ETF to hit the $30 billion mark, the ETF could potentially push Bitcoin to a new record high. Predictions hint that Bitcoin could reach $80,000 before 2024 ends, while some believe the surge is a reaction to Trump’s presidential campaign.

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    BlackRock’s Bitcoin-focused exchange-traded fund (ETF) now holds over $30 billion in Bitcoin! Considering that the fund only started trading on January 10th this year, this is a phenomenal achievement. At the moment, BlackRock owns over 417,000 Bitcoins, valued at over $30.4 billion.

    More people have been buying into this Bitcoin ETF as we approach the US presidential election on November 5th. For example, on October 29th, these Bitcoin ETFs attracted $870 million in new investments, marking the second-highest day of inflows since March 12th, when they pulled in over $1 billion worth of Bitcoin investment – crazy, right?

    BlackRock hitting the $30 billion mark is actually a world record for ETFs, grins Eric Balchunas, who watches ETFs for Bloomberg. He says that the Bitcoin ETF got there in just 293 days – the fastest ever! Previously, the $JEPI fund took 1,272 days to do that while the $GLD fund took 1,790 days.

    What’s even more exciting is that this growth in the Bitcoin ETF could push Bitcoin to a new record high. In fact, a month after the launch of these ETFs, about 75% of the new investment in Bitcoin came from them, pushing Bitcoin past the $50,000 mark.

    Even more impressive is that Bitcoin ETFs are on track to hold a total of 1 million Bitcoin (worth over $71.7 billion) within the next 24 hours. If that happens, these ETFs could become the largest holders of Bitcoin as early as this November – bigger even than Satoshi Nakamoto’s wallet, which holds over 1.1 million Bitcoin.

    Several finance geeks are predicting that Bitcoin could reach a new record. Analysts at Bitfinex, for example, believe we could see Bitcoin hit $80,000 before 2024 ends. This rally, according to them, will be driven by the options market and the possibility of a Republican winning the presidential elections.

    With all this optimism, however, some people think the current Bitcoin rally is simply a reaction to Trump running for president again, and doubt it has the economic backing to push Bitcoin to a new record high. Nimble minds stay flexible, so let’s wait and see!

    Source: Cointelegraph

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