BlackRock's Bitcoin ETF has now accumulated over 700,00 $BTC in only 18 months. That's a massive achievement by the IBIT fund.
So, what’s going on with IBIT and BlackRock’s Bitcoin ETF?
BlackRock’s Bitcoin ETF achieved this milestone earlier this week. On the 3rd of July, IBIT had already amassed 698,919 $BTC. Last Monday, 7th July, it saw another 1,388 in net inflows. This pushed it over the 700,000 $BTC mark. That’s also 3.335% of the 21 million Bitcoin that will ever be available.
Besides BlackRock’s 700k $BTC, There’s another 550,000 $BTC around in spot ETFs. In other words, out of all Bitcoin ETFs held in the US, IBIT holds around 55%. BlackRock currently holds a total of 1.197 funds. Within a short timeframe, BlackRock’s Bitcoin ETF turned into one of its top earners. IBIT currently takes 3rd spot in generating revenue for BlackRock. The first spot is also insight and is only $9 billion in front. At this speed, IBIT should be able to catch up soon. See the picture below.
Source: X
With this in mind, here’s another interesting perspective. The combined purchases of US $BTC spot ETFs and MicroStrategy surpass the monthly mined Bitcoin. This year, their combined purchases are worth $28.22 billion. During the same time frame, miners issued $7.85 billion worth of $BTC. Another clear indicator is that a Bitcoin supply shock is nearing. Currently, exchanges hold 2.11 million $BTC. According to MartyParty on X, once this falls under 2 million $BTC, we’re out of the consolidation phase. In turn, this may trigger a Bitcoin rally.
It’s also fascinating to see that the SEC is positioning itself for a new chapter towards ETFs. It’s looking into new ways to streamline new crypto ETF approvals. Currently, when applying for an ETF in the US, you start with the 19b-4 filing. With the new structure, the SEC may bypass this step. Instead, they will only need to file the S-1 form.
The 19b-4 filing process takes up a lot of time. With only requiring an S-1 form, the waiting period gets reduced to 75 days. Providing the SEC doesn’t object to the filing, issuers can list their ETF on an exchange. These are great improvements for US-based ETF issuers.
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ETHNew milestone… iShares Bitcoin ETF now holds over 700,000 btc. *700,000* Did this in 18 months. Ridiculous.
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💥BREAKING: THE SEC IS REPORTEDLY EYEING A SIMPLIFIED LISTING PROCESS FOR CRYPTO ETFS THAT COULD AUTOMATE APPROVALS. UNDER THIS PLAN, ISSUERS MIGHT SKIP THE LENGTHY 19B4 PROCESS AND GO LIVE IN JUST 75 DAYS.
