100 billion dollars. The figure is impressive and it represents all the assets under management of the main financial products that revolve around cryptocurrency. Thanks to the arrival of spot Bitcoin ETFs on Wall Street and a rise in market prices, these products have literally exploded and exceeded $100 billion for the first time. The arrival of institutional investors has definitely changed the situation and experts agree that the movement could grow even more. Return a number which is long.
Cryptocurrency investment products exceed $100 billion
Today’s figure is taken from the work of James Butterfill, head of research at CoinShares, who has been analyzing in real time and for years the entries and exits of different financial products linked to cryptocurrencies. For him, the period is simply unprecedented, with record entries linked of course to new Bitcoin ETF authorized in the United States for two months.
“Crypto investment products offered by asset managers such as BlackRock, Fidelity, ProShares and 21Shares have surpassed $100 billion in assets under management globally for the first time. »
James Butterfill, Head of Research at CoinShares – Source: The Block
In just three short months, money coming in fees in the various crypto investment products have beaten the previous annual record which dated from the year 2021, which suggests an absolutely incredible year 2024 in this area. It must be said that the Spot Bitcoin ETF are a commercial success in every way and have been a tremendous catalyst for the entire crypto economy.
Led by spot Bitcoin ETFs, billions of dollars flow into the market every week
There is even a shortage of superlatives to describe the financial movements around these Bitcoin ETFs! They thus attracted nearly 12 billion dollars in 90 days while all of the already existing products had only recorded 10.6 billion incoming flows over the whole of 2021 (who has seen the previous bull run of Bitcoin!). Last week alone, there were no less than 2.2 billion who arrived in the business with a broken record Tuesday March 12 with 1 billion of dollars of ETF shares sold in a single business day.
Among those who are doing well, how can we not mention the‘IBIT bitcoin spot ETF of BlackRock which alone generated 849 million in this day of all records and which now counts almost 15 billion dollars assets under management in total. Moreover, the investment giant is neck and neck with MicroStrategy for holding the largest bitcoin treasure on the planet! The assets under management of all US spot Bitcoin ETFs currently represent $61 billion but at the rate things are going, the curve is not ready to reverse.
Some observers had predicted that the arrival of institutional funds would change the situation on the market and that it would propel Bitcoin into another dimension, but we did not think that this would happen so quickly! But the best is perhaps yet to come, because the banks are also starting to look soft on cryptocurrency and they would also like to have their piece of the Bitcoin pie.