BlackRock’s IBIT Nears $20 Billion In Assets As Bitcoin Nears ATH

BlackRock’s spot Bitcoin ETF (IBIT) is near $20 billion in assets, currently sitting in the top 3% among all ETFs on the market. As the Bitcoin halving nears, there is a bullish sentiment around Bitcoin, and the asset’s potential surge is aiding IBIT’s corresponding rise.

According to Data from Bloomberg ETF analyst Eric Balchunas, BlackRock’s spot Bitcoin ETF has inched to within the top 3% among all ETFs for total assets held. Furthermore, Balchunas adds that there will likely be a direct correlation between IBIT reaching $20B in assets and Bitcoin’s next all-time high.

As of this morning, BlackRock’s IBIT assets under management totaled $18.96 billion and ranked 88th overall. The new spot Bitcoin ETF currently sits above some of the oldest ETFs in the market. These include $EWJ, $SMH, and $TIP.

Additionally, BTC rose to above $72,600 on Monday. Although it is slightly trading back down at $72,000 at the time of writing, bullish sentiment could see the world’s top cryptocurrency hit a new all-time above the peak reached in mid-March.

Bitcoin’s current all-time high of $73,737 was reached on March 14, 2024. Analysts predict a post-halving explosion in the asset’s price. With optimism at an all-time high, there are predictions that Bitcoin could surge well over $74,000 and even reach $80,000.