BlackRock’s BTC ETF Records Massive Milestone

BlackRock's iShares Bitcoin Trust (IBIT) has surpassed $20 billion worth of assets under management (AUM) just six months after its launch.  

To put this into perspective, IBIT now has more assets than the iShares Silver Trust (SLV) and the United States Oil Fund (USO) combined. 

BlackRock's overall AUM has now climbed to a record-breaking $10.6 trillion, with its net flows surpassing $82 billion in the second quarter of the year.  

Nate Geraci, president of the ETF Store, claims that investors and institutional investors are "clearly" showing up to the party based on the recent streak of inflows. 

On July 16, IBIT logged $260 million worth of fresh inflows. Fidelity Wise Origin Bitcoin Fund (FBTC) came in a distant second place with $61 million worth of inflows. 

Overall, spot Bitcoin ETF products saw more than $422 million worth of inflows on Thursday. Notably, this is the biggest single-day inflow over the past 27 days. These products have now logged positive inflows for eight consecutive days.     

Meanwhile, the price of the leading cryptocurrency has reclaimed the $66,000 level.

BlackRock's Bitcoin ETF, which was launched in January alongside other competing products, became an early hit. It managed to join the $10 billion ETF club in just seven weeks, breaking the long-time record that was held by the GDL fund.  

As reported by U.Today, BlackRock CEO Larry Fink recently expressed his bullish views on Bitcoin, arguing that the cryptocurrency has a role in portfolios. He has highlighted its properties as a diversifying and hedging asset. The business titan has also repeatedly called Bitcoin "digital gold."