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Bitcoin's record rally is driving a big boost for one exchange-traded fund.
The iShares Bitcoin Trust ETF, the largest Bitcoin ETF with $42 billion in assets as of Thursday morning, is up 38% over the past seven days, as tracked by Dow Jones Market Data Group. This is the longest winning streak in history.
The move propelled the ETF, which trades under the ticker IBIT, to record levels and is now considered the fastest-growing ETF in history, according to Bloomberg.
| ticker | safety | last | change | change % |
|---|---|---|---|---|
| ibit | ISHARES Bitcoin Trust – USD ACC | 51.04 | -0.01 |
-0.02% |
| BLK | BlackRock Co., Ltd. | 1,030.72 | -5.47 |
-0.53% |
“The inflow into IBIT since its launch confirms the preference of investors to gain exposure to Bitcoin through the convenience and quality of listed products. Expectations for measures We continue to focus on educating investors and providing access to Bitcoin with convenience and transparency. a BlackRock spokesperson told FOX Business.
iShares Bitcoin ETF Trust
Since the election, IBIT has attracted more than $3 billion in assets, according to the company. With President-elect Donald Trump securing the White House by overwhelmingly winning the popular vote and electoral votes, it is expected that a more crypto-friendly administration will be in place.
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donald trump (Reuters/Kevin Worm/File)
During the campaign, the president-elect spoke at the industry's Bitcoin Conference 2024 in Nashville, Tennessee, and visited PubKey, a popular crypto-themed bar in New York City.
Trump visits crypto bar in New York
Republican presidential candidate Donald Trump visits PubKey, a cryptocurrency-themed bar in New York City on September 18, 2024. (Spencer Pratt/Getty Images)
Live Crypto Prices: FOXBUSINESS.COM
In addition to capital inflows, Bloomberg noted that IBIT's trading volume also hit record numbers, a positive sign for liquidity for investors looking to get in and out of assets quickly.
IBIT, which gives investors easy access to Bitcoin, hit a new all-time high on Wednesday, trading above $93,000 before falling below that level, making it the largest cryptocurrency by market capitalization. reflects the soaring price.
The fund, along with similar ETFs, debuted last January when the Securities and Exchange Commission greenlit the first spot Bitcoin ETF.
| ticker | safety | last | change | change % |
|---|---|---|---|---|
| GBTC | Grayscale Bitcoin Trust ETF – USD ACC | 71.31 | +0.08 |
+0.11% |
| FBTC | Fidelity Wise Origin Bitcoin Fund – USD ACC | 78.48 | +0.10 |
+0.13% |
| ARKB | ARKB – ARK 21SHARES Bitcoin ETF – USD ACC | 89.57 | +0.01 |
+0.01% |
Despite historic approvals under SEC Chairman Gary Gensler ahead of the Nov. 5 election, President Trump said he would fire SEC Chairman Gary Gensler.
