Bitcoin surges as crypto market experiences dramatic comeback in 2024
- The iShares Bitcoin Trust ETF launched by BlackRock rose to over $50 billion in assets within its first year.
- IBIT outperformed other ETFs, achieving this milestone significantly faster than previous records.
- Analysts anticipate further growth for both IBIT and Bitcoin, with expectations for new highs in 2025.
In December 2024, the iShares Bitcoin Trust ETF (IBIT), launched by BlackRock Inc., achieved a remarkable milestone by exceeding $50 billion in assets under management within its first year. This accomplishment marks the fastest growth in the history of exchange-traded funds (ETFs), significantly outperforming the previous record held by BlackRock’s iShares Core MSCI EAFE ETF, which took nearly four years to reach the same threshold. As the cryptocurrency market experienced a resurgence, bolstered by institutional adoption and a series of new spot ETFs, IBIT swiftly became the most successful ETF launch in history, surpassing even BlackRock's Gold ETF. Industry analysts, including Bloomberg's Eric Balchunas, suggested that IBIT could soon overtake the SPDR Gold Trust, the world's largest gold ETF, as early as January 2025, positioning it as a leading store of value investment. Furthermore, analysts expect a continued increase in Bitcoin's price, forecasting that it could reach highs near $185,000 by late 2025, supported by rising institutional, corporate, and national state adoption of the cryptocurrency.