BlackRock's New Spot Bitcoin ETF Crosses $10,000,000,000 in Assets Under Management: Bloomberg Analyst
According to Eric Balchunas, a senior ETF analyst at Bloomberg Intelligence, BlackRock's new spot exchange-traded ETF (Bitcoin (BTC)) has already surpassed $10 billion in assets under management (AUM).
Balchunas notes that the asset management giant's iShares Bitcoin Trust (IBIT) was one of just 52 ETFs out of 3,400 to surpass the $10 billion mark.
The Bloomberg analyst says it will be difficult for ETFs to cross the initial $10 billion mark because a large portion of the initial assets under management must come from inflows. However, it is easier to add $10 billion after an ETF has already passed that first mark because market appreciation becomes a larger variable.
Source: Eric Balchunas/X
According to BitMEX Research, the ten newly approved spot Bitcoin ETFs recorded positive inflows of $92 million on Thursday. IBIT itself saw nearly $604 million worth of positive inflows alone, but these were largely offset by Grayscale's GBTC, which saw nearly $599 million worth of negative inflows.
Source: Eric Balchunas/X
Of the 10 new ETFs, Grayscale's is the only one that isn't an entirely new product: after the U.S. Securities and Exchange Commission (SEC) issued a flurry of BTC ETF approvals in January, the cryptocurrency-focused asset management giant pivoted Its existing flagship product, the Grayscale Bitcoin Trust (GBTC), will be converted into an exchange-traded fund listed on the NYSE Arca exchange.
Bitcoin is trading at $62,470 at the time of writing.
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