Today’s headlines:
- Czech Republic introduces tax-free rules for long-term Bitcoin hodlers.
- Amazon shareholders submit proposal to add Bitcoin to balance sheet.
- BlackRock Bitcoin ETF breaks $50B AUM in record time.
- Incoming ‘crypto czar’ Sacks says Operation Choke Point must be reviewed.
- OPINION: Why Trump must end Capital Gains Tax on Bitcoin.
Bitcoin has climbed steadily over the past week. It is currently up +3.66%.
During that time it has had three separate attempts to significantly break above $100,000. Each one so far has been rejected. The first attempt, where $BTC price reached $103,000 had the most vicious rejection. Subsequent rejections have had a more limited downside.
Figure 1: Three major attempts to rally above $100,000.
Stepping back for a moment, the remarkable trajectory of Bitcoin can be seen over the past three months, where it has rallied +75.66%.
Figure 2: Bitcoin ‘up only’ performance over the past 3 months.
The Big Story
BlackRock Bitcoin ETF Breaks All-Time ETF Record
The BlackRock iShares Bitcoin Trust (IBIT) has exceeded the $50B in assets milestone in record time - just 228 days. That time is a staggering five times faster than any other ETF in history.
The BlackRock Bitcoin ETF launched in January this year, and since then it has amassed more than 506,000 bitcoin. This means that the ETF holds 2.5% of all bitcoin that have been and will ever be mined.
Figure 3: BlackRock’s IBIT now holds 571,258 bitcoin.
In contrast to some other Bitcoin spot ETFs, BlackRock has experienced very few net outflow days since its launch. The vast majority of days since launch have seen net inflows, which are shown by the green candles on the chart below:
Figure 4: IBIT ETF has seen a majority of net inflows since launch.
It has also seen record daily inflows in the recent run up to $100k.
Here are some other records that the staggering BlackRock Bitcoin ETF has broken since it launched earlier this year:
- Fastest to $40 billion: IBIT reached $40 billion in assets in just 211 days.
- Largest ETF in its class: IBIT is larger than all ETFs launched in the past decade.
- Record single-day inflows: IBIT received $1.12 billion in inflows in a single day.
- Record daily trading volume: IBIT had a daily trading volume of $4.5 billion on November 11, 2024.
- Surpassed gold fund: IBIT's total assets surpassed the $33 billion iShares Gold Trust (IAU).
- Most successful ETF launch: IBIT's launch was the most successful ETF launch in history.
Key Chart
Monthly Returns Heatmap
As we move into December, we can now look back at the year to see just how well Bitcoin has performed.
There have been just three months where $BTC has posted a negative return, which was back in April, June, and August.
So far this year Bitcoin is up +139.21%.
As seen in previous cycles, two years after the negative return bear year of 2022 has seen a strong year posted now. The question everyone is wondering is how strong will next year be? Traditionally, in the fourth year of the four-year cycle it should also provide strong positive returns.
The Monthly Returns Heatmap is available for Bitcoin Magazine Pro members here.
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