BlackRock’s IBIT Bitcoin ETF Shows “Utopia-Esque” Returns Even After Flash Crash: Bloomberg
BlackRock’s spot Bitcoin ETF (exchange-traded fund) IBIT is showing “utopia-esque” returns even after the $19 billion crypto market flash crash. That’s according to Bloomberg Intelligence ETF analyst Eric Balchunas, who noted the fund has surged 76% in the past year despite the recent slump. It’s also up 37% in the past six months. According to data from Google Finance, IBIT’s price fell over 3% on Oct. 10 and another 3% in after-hours trading in response to US President Donald Trump announcing additional tariffs of 100% on China’s exports. IBIT price (Source: Google Finance ) Investors Should “Zoom Out” To See IBIT’s True Performance IBIT is designed to track the price of the leading crypto, Bitcoin (BTC), while also providing investors with a regulated way to buy the digital asset. Commenting on IBIT’s performance since its inception last year, Balchunas said that the fund has shown stellar returns....