BlackRock’s Bitcoin ETF is most successful market launch of past 30 years

Last Updated on 17 February 2024 by CryptoTips.eu

BlackRock, the world’s largest asset manager, is seeing more and more money flowing into IBIT (aka iShares Bitcoin ETF), the Bitcoin Exchange Traded Fund that they launched about a month ago. The fund has purchased some 115,000 Bitcoins already, worth approximately $6 billion.

We thought their advertising for IBIT  was very boring, but boomers clearly see it differently and invest willingly. Ibit is now the most successful EFT launch for BlackRock of the last 30 years. Americans are clearly convinced of the need for a Bitcoin ETF.

That also bodes well for a possible Ether ETF later this year.

Bloomberg

It was a tweet from Bloomberg analyst Eric Balchunas that got the ball rolling. He noted on February 8th that the launch of both Fidelity and BlackRock’s Bitcoin ETFs are among the most successful market introductions of the past 30 years.

After less than a month, BlackRock had already received so many requests that it had purchased $4 billion worth of Bitcoin. The counter now stands at some $6 billion.

Sell the news

After the launch of a Bitcoin ETF was officially approved on January 10th of this year, a predicted ‘sell the news’ (buy the rumor, sell the news) decline of some 20% followed.

When Bitcoin found support at the $38,500 level, it quickly rose again. This week we saw the $50,000 level being broken for the first time in two years. With the halving looming, positivism about crypto is back in full swing.


Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]