Financial titan BlackRock reached a significant milestone by managing over $10.6 trillion in assets.
This growth of around $1.3 trillion in one year is largely driven by the soaring inflows into its ETFs.
The iShares Bitcoin Trust (IBIT), BlackRock’s largest spot Bitcoin ETF, holds more than $19.4 billion in Bitcoin, securing a 35.2% market share among US Bitcoin ETFs. The firm’s significant market influence means its trading activities can considerably impact Bitcoin’s price.
In the second quarter of 2024, investors poured $83 billion into BlackRock’s ETFs, bringing the year-to-date total to over $150 billion. This influx resulted in an 8% revenue increase and an 11% rise in operating income year-over-year.
Larry Fink, the company’s CEO, attributes part of this success to BlackRock’s strong corporate and governmental relationships, enhancing its capital partnership in private markets.
Bitcoin’s price recently rose to almost $63,000 due to positive BTC ETF inflows, optimistic views on a potential rate cut by the Fed this year and the assassination attempt on Donald Trump. US spot Bitcoin ETFs have seen net positive inflows for two consecutive weeks, totaling over $414 million, with BlackRock leading the charge on July 12, attracting over $120 million in investments.
Former Binance chief Changpeng Zhao, widely known as CZ, recently stirred speculation across the crypto community with a simple, joking tweet: “Hope you bought the dip,” followed by a laughing emoji.
Bitcoin’s price might be soaring, but public curiosity isn’t keeping up. According to Bitwise CEO Hunter Horsley, despite Bitcoin reaching around $90,000, interest in the cryptocurrency — as measured by Google search trends — has stayed surprisingly low.
Bitcoin miner activity has hit a notable low point, according to the latest analysis from crypto research firm Alphractal.
Robert Kiyosaki, well-known for Rich Dad Poor Dad and his vocal support for Bitcoin, recently faced an unexpected lack of engagement from his X followers.