You can check the website statistics yourself or request them from us at [email protected]
On this platform, only organic high-quality traffic
Bitcoin
$ 30,725

BlackRock Spot Bitcoin ETF AUM Hits $10B Overtaking the iShares Silver Trust

The recently introduced BlackRock iShares Bitcoin ETF, traded as “IBIT,” has surpassed the iShares Silver Trust, achieving $10 billion in assets under management (AUM).

With the increasing fascination in Bitcoin, the iShares Silver Trust, launched in April 2006 and traded as “SLV,” has slipped down the rankings. This trust, also owned by BlackRock, offers exposure to the daily fluctuations in the price of silver bullion. Currently, the SLV trust boasts approximately $9,787,865,530 in AUM, just shy of the $10 billion mark.

Bitcoin ETFs Driven by Excitement and Frenzy

Hector McNeil, co-CEO and co-founder of HANetf, a firm specializing in marketing and distributing exchange-traded products, shared his perspective on IBIT’s surpassing of the silver trust.

“The success of IBIT, I believe, underscores the immense popularity of Bitcoin as an asset class, fueled by the fervor and anticipation surrounding the approval of US ETFs,” McNeil explained.

With BlackRock’s stature as a global powerhouse, boasting the title of the world’s largest asset manager with $10 trillion in assets as of December 31, their entry into Bitcoin with a new Spot Bitcoin product has sparked yet another bullish market trend.

“There’s significant competition and substantial investment in marketing efforts. As long as the price momentum persists, I anticipate further growth in AUM. This growth can be attributed to both the rising Bitcoin prices and increased inflows,” McNeil remarked.

Reflecting on IBIT’s ETF overtaking the iShares Silver Trust in terms of AUM, McNeil commented, “While precious metals have seen positive price trends over the past year, they have not experienced the same level of frenzy as Bitcoin. Thus, it’s not surprising to see IBIT surpassing the silver trust.”

IBIT Overtakes GBTC Trust

Thursday saw Grayscale’s Bitcoin product, traded as “GBTC,” encountering a sluggish trading session, characterized by net outflows reaching nearly $600 million. This marked the second-largest outflow since January 11, with total outflows from GBTC since that date now totaling $8.406.3 million.

“It’s noteworthy from a capital markets standpoint to observe that iShares from [BlackRock] has surpassed and supplanted Grayscale’s GBTC as the primary trading instrument for Bitcoin,” remarked Laurent Kssis, a cryptocurrency expert specializing in trading and ETFs at CEC Capital, in a conversation.

“We have consistently highlighted the deficiencies of the GBTC product for institutional investors, but it was the first to gain traction on the secondary market through a loophole in the regulations permitting products on OTC markets,” Kssis elucidated.

Taken Ten Years To Get Where We Are

In July 2013, the Winklevoss twins initially submitted their application for a Bitcoin ETF, which faced repeated rejections.

“It has been a decade since the filing of the S1 by the Winklevoss brothers, and yet we are only beginning to scratch the surface. Many trading platforms are still hesitant and deliberating on whether to permit their clients to trade ETFs. However, it seems inevitable. This development will introduce a second layer of investment that has not been seen thus far,” remarked Kssis.

Wall Street Remains Hungry for Crypto ETFs

It was revealed on Wednesday that Morgan Stanley is exploring the possibility of incorporating spot Bitcoin ETFs into its brokerage platform, currently undergoing due diligence, as reported by CoinDesk, citing two sources familiar with the situation.

At the time of reporting, Bitcoin was trading at approximately $63,755. The prediction of Bitcoin’s price continues to be a central focus for investors, with the cryptocurrency climbing to $63,800 on Monday, marking a nearly 3.25% increase. This surge underscores mounting investor confidence and a close watch on the Federal Reserve’s expected adjustments to monetary policy.

Related Posts

Leave a Reply

Confirm now and stay with our news

What we write about

I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

Latest Articles

Coinbase Board Member Kathryn Haun to Step Down – What’s Going On?
21.04.2024By
Kenyan Volcano Turns on Lights in Rural Homes with Jack Dorsey’s Bitcoin Mining Support
21.04.2024By
Telegram to Introduce USDT Payments With Telegram Wallet and the Open Network
20.04.2024By

Latest news

Coinbase Board Member Kathryn Haun to Step Down – What’s Going On?
21.04.2024
Kenyan Volcano Turns on Lights in Rural Homes with Jack Dorsey’s Bitcoin Mining Support
21.04.2024
Telegram to Introduce USDT Payments With Telegram Wallet and the Open Network
20.04.2024
HashKey Exchange Suspends Binance Deposits and Withdrawals Citing Policy Adjustments
20.04.2024
Mango Markets Hacker Found Guilty, Faces 20 Years in Prison: Reuters
20.04.2024
Japan’s SBI Group Plans to Issue NFTs Built on XRP Ledger for World Expo 2025 in Osaka
20.04.2024
Ethereum Sees $365 Million in Revenue in Q1, Up by 155% YoY
20.04.2024
Anti-Bitcoin SEC Commissioner Caroline Crenshaw May Soon Lose Her Seat
20.04.2024
Is The Bull Market Over Before The Bitcoin Halving? Glassnode Report
20.04.2024
Escaped South Korean Criminal Suspect ‘Used Weapon to Rob OTC Crypto Buyer’
18.04.2024