S&P 500 · Bitcoin ETF · Bitcoin · Wall Street · 99Bitcoins
75% of BlackRock IBIT ETF Buyers Were TradFi Virgins: Now They’re Buying SPX Funds
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In BlackRock Bitcoin news today, three-quarters of investors in BlackRock’s iShares Bitcoin Trust ETF had never owned an ETF before buying it, and once inside, many began buying S&P 500 funds, gold ETFs, and AI products from the same issuer.
Key facts
- The iShares Bitcoin Trust ETF (IBIT), launched in January 2024, now holds 765,936 BTC and carries $48 billion in assets under management, making it the largest spot Bitcoin ETF by AUM
- This revelation from BlackRock came as Bitcoin USD fell -3% overnight, dropping from over $64,000 to under $62,400, with investors fearing $60,000 is on the way
- A recent example occurred during the SpaceX IPO, where crypto traders accessed pre-IPO exposure via perpetual futures, with trading volume skyrocketing from about $1Bn in early May to around $22Bn
- Jay Jacobs, US head of equity ETFs at BlackRock, disclosed the 75% figure ’s Chain Reaction podcast on June 19
Summary
The narrative was always that Wall Street money would flow into crypto through these wrappers. The central tension in this story: Bitcoin ETFs were engineered as an on-ramp for traditional investors entering digital assets, but they are increasingly functioning as an on-ramp for crypto-native investors entering TradFi, and BlackRock is the destination. This revelation from BlackRock came as Bitcoin USD fell -3% overnight, dropping from over $64,000 to under $62,400, with investors fearing $60,000 is on the way. BlackRock's Jay Jacobs said $BTC is now too big to ignore and has real utility.