With the investment vehicle trading for around just 50 days, BlackRock’s Spot Bitcoin ETF (IBIT) has been tremendously successful. However, since its arrival in early January, few could’ve predicted it to perform as well as it has. Since its launch, BlackRock’s Bitcoin ETF has seen its BTC Holdings surpass that of OKX and Kraken cryptic exchanges combined.
Indeed, Crypto analyst Ali Martinez took to X (formerly Twitter) to share the rather surprising statistic. Moreover, the holding discrepancy is all the more interesting when considering both OKX and Kraken were launched in 2017 and 2011, respectively.
Also Read: Spot Bitcoin ETFs Already BlackRock & Fidelity’s Most Popular
BlackRock Bitcoin ETF: BTC Holdings Exceed Two Prominent Exchanges
The digital asset market will forever be changed in 2024. Specifically, the arrival of Spot Bitcoin ETFs in the United States after the US Securities and Exchange Commission (SEC) issued ht initial approval would alter the landscape of the industry forever. Just a few months after the greenlight was given, the asset ascended to the $73,000 level, an all-time high.
Since January 11, when those investment vehicles began trading, they have been some of the ETF market’s most successful. Moreover, they have proven to be incredibly popular compared to other BTC holders. Specifically, BlackRock’s Spot Bitcoin ETF has already amassed a holding that is larger than the OKX and Kraken exchanges combined.
Also Read: BlackRock Says Bitcoin (BTC) is Crucial to the Financial System
The massive growth in popularity of the investment vehicle is likely tied to the exposure that the product offers. Furthermore, the asset has seen investor confidence skyrocket from the presence of the ETFs. Altogether, institutional investment has never been easier, nor has it ever been more popular.
BlackRock has assured the importance of Bitcoin to the overall financial system. Moreover, their faith in the product has only continued to expand its interest, becoming the asset management firm’s most popular ETF offerings. It will be interesting to see how large the BTC holdings can get for the firm, and how that could influence the growing price of the asset.