Market updates
Crypto Meets Wall Street: BlackRock’s Bitcoin ETF Changes History
Beginner
2024-12-31 | 5m
BlackRock’s iShares Bitcoin Trust (IBIT) achieved a historic milestone in 2024, becoming the fastest-growing exchange-traded fund (ETF) ever. Within 11 months of its launch, IBIT amassed over $50 billion in assets under management, outpacing decades-old ETFs. Analysts lauded its rapid growth and significant market impact, calling it the greatest ETF launch in history. At a 0.25% expense ratio, IBIT generates approximately $112 million annually, highlighting its profitability.
The fund’s launch also marked a turning point for Bitcoin, driving its price above $100,000 for the first time. BlackRock’s entry into the spot-Bitcoin ETF market followed years of regulatory resistance, including pivotal legal victories by Grayscale Investments. BlackRock’s approval in January 2024, alongside competitors like Fidelity and VanEck, cemented institutional acceptance of Bitcoin.
IBIT’s success extended beyond assets, becoming a leader in trading volume and options markets. It consistently outperformed competitors, capturing over 50% of daily trading activity among Bitcoin ETFs. Meanwhile, rival Vanguard has avoided the crypto market, potentially alienating younger investors and ceding innovative ground to BlackRock. As IBIT continues to grow, analysts predict it may soon rival the largest gold ETFs, reinforcing its dominance in both crypto and traditional financial markets.
Source:
Bloomberg
Futures Market Updates
In the past 24 hours, BTC futures outperformed ETH futures in volume growth, with BTC volume surging 89.14% compared to ETH's 54.60%. BTC also saw a higher increase in open interest (+0.49%) than ETH (+0.30%). Liquidations were notably larger in BTC futures, with $53.23M long liquidations compared to ETH's $27.77M. However, both BTC and ETH futures experienced more long liquidations than short liquidations. Both assets had similar long/short ratios, slightly favoring shorts, though BTC had a marginally higher funding rate (0.0094%) than ETH (0.0070%). Overall, BTC exhibited stronger market activity compared to ETH.
BTC Futures Updates
Total BTC Open Interest: $59.19B (+0.49%)
BTC Volume (24H): $110.35B (+89.14%)
BTC Liquidations (24H): $53.23M (Long)/$25.78M (Short)
Long/Short Ratio: 49.62%/50.38%
Funding Rate: 0.0094%
Ether Futures Updates
Total ETH Open Interest: $23.36B (+0.30%)
ETH Volume (24H): $34.70B (+54.60%)
ETH Liquidations (24H): $27.77M (Long)/$10.80M (Short)
Long/Short Ratio: 48.98%/51.02%
Funding Rate: 0.0070%
Top 3 OI Surges
AI16Z: $19.87M (+225.95%)
SYN: $11.59M (+105.03%)
ZEREBRO: $3.48M (+99.76%)
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