According to BitMEX data, IBIT from BlackRock currently holds nearly 198,000 BTC. Thanks to this, the BlackRock ETF overtook MicroStrategy in terms of capital accumulated in the oldest cryptocurrency on the market. It is worth noting that both MicroStrategy and BlackRock will continue to actively purchase BTC, so the podium can change hands smoothly.
IBIT from BlackRock, the largest BTC hodler
The approval of BTC ETF funds on January 11 this year caused a real avalanche. The market has literally been flooded with a tsunami of capital from investors who want to enter the cryptocurrency industry thanks to Bitcoin-based spot ETFs. One of the biggest winners of this three-month rally is BlackRock. According to data presented on March 8 by BitMEX Research, IBIT from BlackRock has already accumulated 197,943 BTC, worth USD 13.5 billion. All this in just three months after the applications were approved by the U.S. Securities and Exchange Commission.
It is worth adding that thanks to this, BlackRock overtook MicroStrategy in terms of the amount of bitcoins held. This is quite an achievement, as the bar set by MicroStrategy (193,000 BTC) was a record-setter. Michael Saylor's company intends to continue buying more bitcoins, so it's possible that BlackRock and MicroStrategy will now be neck and neck in terms of bitcoin holdings.
The market reacts to the BTC ETF frenzy. Bull market before halving
The appetite of IBIT from BlackRock and other BTC ETFs has made the cryptocurrency market bloom with greenery. Cryptocurrency spring came with a vengeance, thanks to which the BTC rate reached its new ATH, which is now USD 72,000. Interestingly, many analysts at the end of 2023 doubted that BTC ETFs had such a positive impact on the market.
Companies that decide to invest in cryptocurrencies also benefit. This is clearly visible in the shares of MicroStrategy (MSTR), which increased by as much as 642.45% during the year. Bitcoin halving, a cyclical event that stimulates the cryptocurrency market, is also fast approaching. The green mood on the market is also visible in the ETH rate, which broke the USD 4,000 barrier for the first time since 2021. Therefore, only USD 800 remains to reach the ATH of Vitalik Buterin's cryptocurrency.
