After a steep drop over the weekend, Bitcoin is rebounding sharply and approaching its all-time highs once again, fueled by investor enthusiasm and the record-breaking performance of BlackRock’s IBIT ETF.

IBIT Hits $70 Billion in Assets in Record Time

Launched in January 2024, BlackRock’s spot Bitcoin ETF, known as IBIT, has seen explosive growth. On Monday, it surpassed $70 billion in assets under management, setting a new record by reaching that milestone in just 341 days.

“This is the fastest an ETF has ever hit that mark — five times quicker than the previous record set by GLD, which took 1,691 days,” said Eric Balchunas, ETF analyst at Bloomberg.

Spot Bitcoin ETFs track the actual price of Bitcoin without using derivatives. Approved by the SEC alongside ten other products on January 10, 2024, these ETFs allow U.S. investors to gain exposure to Bitcoin through traditional financial markets, bypassing crypto exchanges.

BlackRock’s Reputation and Bitcoin’s Rapid Rise

“When BlackRock filed its application, Bitcoin was trading at $30,000 and the FTX collapse was still fresh,” noted Balchunas. “Now it’s at $110,000 — a return seven times greater than the S&P 500.”

Besides IBIT, other top-performing ETFs include:

• Fidelity: $21.81 billion in assets
• Grayscale: $20.29 billion as of June 10

BlackRock’s success is partly attributed to its credibility. With over $11.6 trillion in assets under management, the firm is a global giant. CEO Larry Fink has become a vocal supporter of Bitcoin, calling it “digital gold” — and even suggesting it could one day rival the U.S. dollar.