BlackRock Bitcoin ETF Hits Massive Record, Dust Rivals

As the trend has been since the United States Securities and Exchange Commission (SEC) greenlighted spot Bitcoin ETFs in January, BlackRock Inc’s IBIT has once sustained its lead in the ETF game. The Bitcoin ETF recently recorded massive flows and record corporate holders.

BlackRock Shocks Spot Bitcoin ETF Market

According to Bloomberg Senior ETF analyst Eric Balchunas, BlackRock’s IBIT ended up with 414 reported holders in its first 13F season. In his opinion, this record is “mind boggling” considering that a newly launched ETF with only 20 holders is very rare. He reckons that this could be seen as a massive achievement.

A recent report from Coingape revealed that the majority of these 414 corporate holders predominantly support IBIT. Markedly, this number signals confidence in the potential of Bitcoin as an asset class. Bracebridge Capital, the Boston-based investment firm, holds a significant stake in $IBIT, with holdings amounting to $100,638,773 per its latest filing with the SEC.

Other holders of BlackRock’s IBIT are Rubric Capital,  Wisconsin Investment Board, and New York-based Boothbay Fund Management. Boothbay Fund Management equally invested in Bitcoin ETFs offered by Fidelity, Grayscale and Bitwise.

The Bloomberg Intelligence chart shared by Balchunas show that IBIT is followed at reasonable distance by Fidelity’s FBTC. This ETF has garnered more than 200 holders in the space of four months. Other ETFs including Bitwise’s BITB and ARK 21Shares’ ARKB only have about 100 or less corporate holders that have subscribed to their offerings.

$IBIT ended up with 414 reported holders in its first 13F season, which is mind boggling, blows away record. Even having 20 holders as a newborn is bfd, highly rare. Here's a look at how the btc ETFs compare to other ETFs launched in Jan (aka the Class of 2024) in this metric. pic.twitter.com/ngicEdbaTq

— Eric Balchunas (@EricBalchunas) May 16, 2024

This limited embrace is reflected in the huge outflows that the spot Bitcoin ETF ecosystem experienced these past few days. However, conditions are gradually improving in the market, suggesting renewed hope for the ecosystem.

With tradition institutional investors showing interest in the niche, trading volumes for Bitcoin ETFs have surged to a two-month high. From Santiment’s analysis, it was reported that the seven largest Bitcoin ETFs collectively recorded a trading volume of $5.65 billion on a single day.

What To Expect for Ethereum ETF Approval

While celebrating corporate exposure to Bitcoin ETFs, the broader crypto industry is waiting for the SEC to make its decision on spot Ethereum ETFs. Several market observers and analysts have voiced their thoughts on the possibility of having the SEC approve spot Ethereum ETFs. A significant percentage of this experts shows lack of optimism.

Another Bloomberg ETF Analyst James Seyffart recently highlighted the increasing likelihood of the SEC rejecting Ethereum ETFs. He believes the regulator’s intense effort to classify Ethereum as security is the clog in the wheel of the numerous applications.

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