In less than two months of existence, the BlackRock iShares Bitcoin ETF (IBIT) has accumulated more $BTC than MicroStrategy (MSTR).
According to the fund's latest disclosure, IBIT held 195,985 bitcoin on Friday after another day of significant inflows. With the launch of bitcoin ETF the price of bitcoin has skyrocketed to all time highs. Massive demand for the new spot ETFs is the key reason for bitcoin’s more than 60% price surge this year. The cryptocurrency topped $70,000 for the first time ever Friday morning.
MicroStrategy is holding 193,000 tokens as reported by the last disclosure, but may have added more since that time. MicroStrategy has raised an additional $700 million in capital with intentions to use the funds to purchase more bitcoin.
Since the launch of the spot ETFs on Jan. 11, BlackRock's IBIT has often added hundreds of millions of dollars worth of bitcoin on a daily basis,. These aggressive moved has made it the largest of the new spot products. I'm prediecting thesew etfs will be the reason that we see bitcoin make that $125k prediction that many were throwing out during the deepest of deispare during the last bear cycle. With the upcoming halving of bitcoin we could see these levels sooner than we think.