Inflows in recent days and a recovery in Bitcoin’s price on Jan. 26 contributed to BlackRock’s ETF performance.
BlackRock’s Bitcoin exchange-traded fund (ETF) reached $2 billion in assets under management (AUM) on Jan. 26, just two weeks after it debuted on the Nasdaq.
According to data released by Bloomberg analyst James Seyffart, Bitcoin’s (BTC) price performance intraday has pushed the fund’s market capitalization to $2.11 billion. The cryptocurrency’s price has broken through $42,000 for the first time in nearly seven days after a sell-off following the launch of ETFs on Jan. 11.
“Assets under management” is a term used to describe the total market value of all the financial assets held by a fund on behalf of its clients. This means that BlackRock’s iShares Bitcoin Trust (IBIT) is leading in the race for investors’ capital, just ahead of Fidelity’s Wise Origin Bitcoin Fund (FBTC) with $1.8 billion in flows over the previous 10 days.
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Source: https://cointelegraph.com/news/blackrock-ibit-bitcoin-etf-crosses-2-billion-market-cap